Tiff Macklem: Withdrawal

The Bank Of Canada Dept: In a speech in Winnipeg, deputy governor Tiff Macklem repeated Thursday an earlier statement by the central bank. Notes on the speech were released in Ottawa, according to CTV. The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments. OTTAWA -- The Bank of Canada's second in command is continuing to suggest that interest rates will rise over the medium term even as economists say turmoil in Europe and a weak recovery in the U.S. are taking their toll on Canada. To the extent that the economic expansion continues and the excess supply in the economy is gradually absorbed, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate, consistent with achieving the two per cent inflation target over the medium term, Macklem said. (www.immigrantscanada.com). As reported in the news.