Bank of Canada Governor Tiff Macklem acknowledges the need to rebuild trust with Canadian households after two years of interest rate hikes and messaging missteps, as reported by CBC News. This week, the central bank cut rates for the first time since March 2022, after one of the most aggressive hiking cycles in Canadian history, raising its key overnight lending rate 10 times to control inflation. Canadian households faced rising prices and increased borrowing costs, exacerbated by Macklem's earlier assurance that interest rates would remain low.

Source: CBC News June 10, 2024 13:24 UTC