{"id":12359,"date":"2021-07-29T22:22:38","date_gmt":"2021-07-29T22:22:38","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/07\/29\/macklem-keeping-inflation-expectations-in-check-with-call-not-to-overreact-economists-say\/"},"modified":"2021-07-29T22:22:38","modified_gmt":"2021-07-29T22:22:38","slug":"macklem-keeping-inflation-expectations-in-check-with-call-not-to-overreact-economists-say","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/07\/29\/macklem-keeping-inflation-expectations-in-check-with-call-not-to-overreact-economists-say\/","title":{"rendered":"Macklem keeping inflation expectations in check with call not to overreact, economists say"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> &#8216;The Bank of Canada was there to prevent deflation when the economy plunged. We remain just as determined to secure a complete recovery and keep inflation under control&#8217; <\/p>\n<div class=\"article-meta\">\n<div class=\"published-by\">\n<p>Author of the article:<\/p>\n<p> <span class=\"published-by__author\">Bianca Bharti<\/span> <\/div>\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Jul 29, 2021<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">54\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16\" viewbox=\"0 0 24 24\" width=\"16\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> Join the conversation  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio featured-image-category__economy\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Concern about inflation has been growing since the beginning of the year, despite Tiff Macklem\u2019s repeated assurances that the Bank of Canada is on the case.<\/span> <span class=\"credit\">Photo by Sean Kilpatrick\/The Canadian Press\/File<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Bank of Canada Governor Tiff Macklem is urging Canadians to resist overreacting to rising prices, asserting that a period of faster-than-usual inflation shouldn\u2019t be seen as evidence that policy-makers are asleep at the switch.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">\u201cYou can be confident that we will keep the cost of living under control as the economy reopens,\u201d Macklem wrote in the Financial Post on Thursday. \u201cWe shouldn\u2019t overreact to these temporary price increases.\u201d<\/p>\n<p data-async=\"\">The message was familiar. The governor made similar comments when he and his deputies opted on July 14 to keep the benchmark interest rate pinned near zero, despite new forecasts that show inflation will exceed the central bank\u2019s target for at least the next couple of years.<\/p>\n<p>Still, Macklem\u2019s words were noteworthy because of the timing of their release and the way he went about communicating them to the public. The governor\u2019s op-ed followed Statistics Canada\u2019s announcement of new inflation data that showed the Consumer Price Index (CPI) rose 3.1 per cent in June from a year earlier, the third consecutive month that year-over-year increases exceed the high-end of the Bank of Canada\u2019s comfort zone.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Equally significant was the decision to take to the pages of a national newspaper to emphasize the central bank\u2019s message that factors behind the current burst of inflation are mostly temporary. Concern about inflation has been growing since the beginning of the year, despite Macklem\u2019s repeated assurances that the Bank of Canada is on the case. A commentary under his own name in a national publication had the potential to reach a large audience unfiltered.<\/p>\n<section aria-labelledby=\"moreTopicLabel196636327759955868025716354779489\" class=\"more-topic\" data-carousel=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The Bank of Canada building in Ottawa.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/vw0728boc.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Tiff Macklem: The Bank of Canada remains firmly committed to keeping inflation under control <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Bank of Canada Governor Tiff Macklem still plans to keep the benchmark interest rate pinned near zero until at least the second half of next year.\n\n\n\" class=\"lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/tiff-macklem2-0713.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Bank of Canada willing to let inflation run hot on road to &#8216;complete&#8217; recovery <\/span><\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>\u201cGovernor Macklem is trying to remind people and manage expectations,\u201d said Charles St-Arnaud, a former Wall Street economist who also worked at the central bank in the early aughts. \u201cBy doing it through a newspaper, (he) can reach a broader audience,\u201d added St-Arnaud, who is now the chief economist at Alberta Central.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Inflation has been climbing steadily since January. The annual increases in the CPI accelerated past three per cent for the first time since the start of the COVID-19 crisis in April, and then surged to 3.6 per cent in May, the fastest in a decade. The Bank of Canada insisted that the increases were being exaggerated by comparisons to the spring of 2020, when the inflationary trend was closer to zero.<\/p>\n<p>But those explanations might not satisfy households and executives who are shocked by how much they are paying for goods and services now. Macklem could be trying to temper such concerns before they turn into a \u201cself-fulfilling prophecy\u201d and consumers and businesses alike begin to factor higher inflation into their budgets, said Steve Ambler, the David Dodge Chair in Monetary Policy at C.D. Howe Institute, a Toronto-based think-tank.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>In the July Monetary Policy Report, a quarterly publication wherein policy-makers outline their economic forecasts, Macklem and his deputies said they expect inflation to continue running above the target range, predicting annual increases in the CPI would average 3.9 per cent over the third quarter. Policy-makers listed a number of factors contributing to high prices \u2014 which Macklem restated in his op-ed \u2014 including supply-chain disruptions, productivity reductions and commodity booms.<\/p>\n<p>\u201cInflation should move back inside our target range next year as businesses work through these temporary factors and the people who lost their jobs during the pandemic rejoin the workforce,\u201d Macklem wrote in the Financial Post.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>However, the term temporary leaves room for uncertainty, said Ambler, as the Bank of Canada has opted against providing a definition. The central bank\u2019s current forecast expects inflation to begin settling next year, before accelerating again in 2023, and then stabilizing around two per cent in 2024.<\/p>\n<p>If the faith in the central bank wavers, firms can begin to factor inflation into their prices and employees can begin demanding higher wages for the rising cost of living. \u201cWhat happens to inflation depends partly on inflation expectations,\u201d said Ambler.<\/p>\n<p>While Macklem insists that the drivers of inflation are most likely transitory, \u201cthere are lots of signs that it could be more than temporary,\u201d said Ambler, citing the growth in money supply, pent-up demand pushing up prices and months- and years-long bottlenecks, like the chip shortage which isn\u2019t expected to end until at least next year.<\/p>\n<p>Both St-Arnaud and Ambler said the Bank of Canada will pay close attention to consumer and business expectations, likely through their quarterly assessments of those sentiments, to prevent that self-fulfilling prophecy and runaway inflation.<\/p>\n<p>\u201cThe pandemic has taken lives and livelihoods and pummelled our economy,\u201d Macklem stated. \u201cThe Bank of Canada was there to prevent deflation when the economy plunged. We remain just as determined to secure a complete recovery and keep inflation under control.\u201d<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"TheLogic267111341396643567553020948988709\" class=\"feed-section feed-section--partner-story list-widget--partner-story the-logic\" data-async=\"\">\n<div class=\"widget-title widget-title--partner-story flex-align-center row row--no-padding--left row--no-padding--right\">\n<p> In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. <\/p>\n<\/p><\/div>\n<ol class=\"list list-unstyled list--loading feed-section__content feed-section__content--partner-story col-1fr-1fr--sm-up\" data-content-id=\"c467ff02-e159-48ee-9321-1441a751ffea\" data-list-id=\"\/api-root\/content_external\/the_logic_feed\/story\/\" data-list-max=\"4\" data-list-min=\"\" data-list-name=\"\" data-list-render=\"widget\" data-list-type=\"partner_feed\" data-template-name=\"top-sm-up-hero-no-details-list\" id=\"\"\/><\/section>\n<\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot2\">\n<section aria-labelledby=\"FinancialPostTopStories5047628205503879975981315762641520\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 75w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 100w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 150w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 240w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 320w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 500w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 640w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 800w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1024w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1280w, https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1600w\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.prod.postmedia.digital\/7.3.2\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories5047628205503879975981315762641520\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n\n<br \/>Macklem keeping inflation expectations in check with call not to overreact, economists say<\/a><br \/>\n<br \/>2021-07-29 22:22:38<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy &#8216;The Bank of Canada was there to prevent deflation when the economy plunged. 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