{"id":54046,"date":"2024-12-16T21:16:22","date_gmt":"2024-12-16T21:16:22","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/12\/16\/bank-of-canadas-macklem-preparing-for-shock-prone-future\/"},"modified":"2024-12-16T21:16:22","modified_gmt":"2024-12-16T21:16:22","slug":"bank-of-canadas-macklem-preparing-for-shock-prone-future","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/12\/16\/bank-of-canadas-macklem-preparing-for-shock-prone-future\/","title":{"rendered":"Bank of Canada&#8217;s Macklem preparing for &#8216;shock-prone\u2019 future"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\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<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Central bank governor lays out priorities for 2025 in year end speech<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Dec 16, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">2 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"82118508-ae71-4b35-ae55-ad486e43f0f2\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=Xst8kmKgQvNJk4t_1WWhFg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=Dub_sB7vIhAnWRA9jvxWsw 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=WCkIAh_xQBx5bWgOY5izPg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=0HTR1moQ2QcZ5FGYcFQ70A 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=oLEkG7SQAbq-hIJTYT4YUQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=PjvZqWXClkODy0wzG-RXMQ 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=DENxZgQ61hKeaa-U0SzJFg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=m64erShyxDidGPZufoTvcw 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=QuLWjvuLdm632LuCZBMzOA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1216macklem.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=9FwFNMfnZC399SnP586ChA 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Bank of Canada governor Tiff Macklem during a news conference in Ottawa.<\/span> <span class=\"credit\">Photo by Adrian Wyld\/The Canadian Press files<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Bank of Canada governor Tiff Macklem says the central bank is preparing for a future that is more uncertain.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">\u201cMonetary policy cannot eliminate any of this uncertainty,\u201d said Macklem, in an end-of-year speech delivered to the Greater Vancouver Board of Trade. \u201cBut by keeping inflation low and stable, monetary policy can avoid making it worse.\u201d<\/p>\n<p>Macklem highlighted structural changes happening in the world economy including trade protectionism, demographic shifts, digitalization, decarbonization and deglobalization.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment4007241427141788776996019917291520\" class=\"ad\">\n<p>Advertisement 2<\/p>\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\" 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authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cAs we look ahead, the world looks more shock-prone,\u201d he said. \u201cWe hope some of the major uncertainties hanging over the world will be resolved. We can\u2019t count on that \u2014 but we can prepare.\u201d<\/p>\n<p>In his speech, the governor highlighted three priorities for the central bank next year. First, is international cooperation between the world\u2019s central banks. With interest rates and sovereign debt remaining high and growth slowing, economic security is one of the top uncertainties.<\/p>\n<p>\u201cIn 2025, Canada hosts the G7 meetings,\u201d Macklem said. \u201cThat gives us a chance to build on these positive spillovers. International cooperation is getting harder, but as shared global risks accumulate, it is more important than ever.\u201d<\/p>\n<p>Second is investment in improved economic modelling that will better track supply disruptions and their impact on overall inflation.<\/p>\n<p>\u201cThe new models will also distinguish between inflation that comes from higher demand and inflation that comes from higher input costs,\u201d Macklem said. \u201cThis should all help us better understand inflation dynamics and develop monetary policy playbooks to better respond to shocks.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment5177937479808485289162107290386432\" class=\"ad\">\n<p>Advertisement 3<\/p>\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]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Third is preparing for the central bank\u2019s upcoming review. Every five years, the federal government and the central bank review its inflation-targeting framework to ensure it benefits Canadians economically and financially.<\/p>\n<p data-async=\"\">\u201cRight now, we\u2019re considering what issues to focus on in the upcoming review, reflecting on the big forces on the economy and what we\u2019re hearing from Canadians,\u201d Macklem said. \u201cThis points to several questions. In a more volatile world, how do we identify and measure underlying inflation? Is two per cent still the best target for the future? What\u2019s the interaction between housing affordability and monetary policy?\u201d<\/p>\n<p>Macklem says he is not delivering a victory speech. Now that inflation has returned to the two per cent target, he wants to see it stabilize there.<\/p>\n<p data-async=\"\">\u201cThat\u2019s price stability,\u201d he said. \u201cThat\u2019s giving Canadians the confidence that their cost of living will not change materially year to year.\u201d<\/p>\n<section aria-labelledby=\"moreTopicLabel6881667067084488948586442666278912\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><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 data-evt-val=\"{\" control_fields=\"\" policy=\"\" can=\"\" do=\"\" so=\"\" much=\"\" in=\"\" face=\"\" of=\"\" tariffs=\"\" beaudry=\"\" says=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Paul Beaudry, former deputy governor of the Bank of Canada, departs after speakiing at the Bank of Canada headquarters in Ottawa, Ont., 2022.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1212beaudry.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=-Hj1BvjxxnXNKBjC0wIDbQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1212beaudry.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=0QZ40azV_CmlPQVQ_KE27Q\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1212beaudry.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=-Hj1BvjxxnXNKBjC0wIDbQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1212beaudry.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=GKD5mi8hs8XsdaOt11Oi_Q 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1212beaudry.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=6kGJ5Oa3jYOSGFA4574_Aw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Monetary policy can \u2018only do so much\u2019 in face of tariffs, Beaudry says<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" jumbo=\"\" cuts=\"\" are=\"\" done=\"\" and=\"\" dusted=\"\" economists=\"\" say=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Bank of Canada governor Tiff Macklem holds a press conference at the Bank of Canada in Ottawa.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1211macklem.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=zJj-7Jor78BAmvHHll3TZQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1211macklem.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=tfFiut-zVF7siMX87iuKOQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1211macklem.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=zJj-7Jor78BAmvHHll3TZQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1211macklem.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=_5fwYlOSEXWc_Uyu-NZ-jA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1211macklem.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=rwDmMM66IaTdb5reC_VEUA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Those jumbo cuts are done and dusted, economists say<\/span><\/p>\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>The bank\u2019s policy rate currently sits at 3.25 per cent after five consecutive cuts since June. Looking ahead to next year, Macklem said when it comes to rate decisions the central bank will be taking a more \u201cgradual approach to monetary policy\u201d if the economy does what is expected.<\/p>\n<p data-async=\"\"><em>\u2022 Email: jgowling@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Bank of Canada&#8217;s Macklem preparing for &#8216;shock-prone\u2019 future<\/a><br \/>\n<br \/>2024-12-16 21:16:22<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Central bank governor lays out priorities for 2025 in year end speech Published Dec 16, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 2 minute read&#8230;<\/p>\n","protected":false},"author":2,"featured_media":54047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-54046","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/54046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=54046"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/54046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/54047"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=54046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=54046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=54046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}