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Interest rate hikes depend on ‘fundamental uncertainties’ in year ahead, Bank of Canada governor warns

The Bank of Canada’s rapid-fire interest rate hikes are starting to slow the economy, Governor Tiff Macklem said on Monday during his end-of-the-year speech. And while the bank wants to avoid a recession, there is a risk that sticky inflation will require “much higher” rates, Macklem warned. “These are fundamental uncertainties we’ll need to confront in the years ahead.”

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