Central Bank Governor Admits Errors Were Made Fighting Inflation

Bank of Canada governor Tiff Macklem speaks during a news conference following an interest rate announcement, in Ottawa on Oct. 25, 2023. The Canadian Press/Adrian Wyld

Mistakes were made fighting recent inflation, Bank of Canada Governor Tiff Macklem has detailed in a new essay.

Mr. Macklem said he and his team underestimated the inflationary risk from the mix of supply shocks and high consumer demand during the COVID-19 pandemic.