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OTTAWA, Nov 1 (Reuters) - Spending by federal and provincial governments in Canada will start feeding into inflation next year if current spending plans are maintained, Bank of Canada (BoC) Governor Tiff Macklem said on Wednesday. If governments follow through with spending plans for 2024, it would mean "government spending is starting to get in the way of getting inflation back to target" of 2%, Macklem told members of a Senate committee. If governments spend less, "it would be easier to reduce inflation," Macklem said. The federal government's Fall Economic Statement (FES) could come as early as next week. It looks like there could be more federal spending on the way because Finance Minister Chrystia Freeland has said she will unveil measures in the FES to help Canadians tackle housing and affordability.

Persons: Macklem, Chrystia Freeland, Justin Trudeau, Carolyn Rogers, Rogers, Ismail Shakil, Steve Scherer, David Gregorio Our Organizations: OTTAWA, Bank of Canada, BoC, Thomson Locations: Canada, FES, Ottawa

[1/2] A helicopter passes idle shipping cranes towering over stacked containers during a strike by the International Longshore and Warehouse Union Canada (ILWU) at Canada's busiest port of Vancouver, British Columbia, Canada, July 11, 2023. REUTERS/Chris Helgren/File PhotoOTTAWA, July 19 (Reuters) - Canada's Transport Minister Omar Alghabra on Wednesday said he was running out of patience with striking Pacific dock workers when asked if the government would pass back-to-work legislation, a politically tricky move that requires opposition support. The left-leaning New Democrat Party (NDP) has been helping Trudeau's minority government pass legislation in parliament, but on Wednesday NDP leader Jagmeet Singh ruled out support for legislation forcing workers back on the job. "Don't signal in any way that you're going to bring a back-to-work legislation because that's going to undermine the workers," Singh told reporters was his message to the government when asked about back-to-work legislation in Windsor, Ontario. It also means that the Liberal-NDP deal that is keeping the government going could be put under strain if Trudeau chooses to force an end to the strike.

Persons: Chris Helgren, Omar Alghabra, Alghabra, of Prince Rupert, Pierre Poilievre, Justin Trudeau, Jagmeet Singh, Singh, Trudeau, Ismail Shakil, Chizu Nomiyama, Andrea Ricci Organizations: International, Warehouse Union, REUTERS, OTTAWA, Canada's, Canadian Manufacturers, Canada's Conservative Party, Liberal, New Democrat Party, NDP, Conservatives, Bloc Quebecois, Thomson, & ' $ Locations: Vancouver , British Columbia, Canada, Argentia, Newfoundland, Port of Vancouver, of, Windsor , Ontario, Ottawa

After a five-month pause, the BoC raised its overnight rate in June, saying monetary policy was not sufficiently restrictive. "If new information suggests we need to do more, we are prepared to increase our policy rate further," BoC Governor Tiff Macklem told reporters after the decision. The BoC's overnight target rate was last at 5.00% in March and April of 2001. Twenty of 24 economists surveyed by Reuters had expected the central bank to lift rates by a quarter of a percentage point. Money markets had seen a more than a 70% chance of a rate hike before the announcement.

Persons: Derek Holt, Andrew Kelvin, Steve Scherer, Ismail Shakil, Fergal Smith, Divya Rajogopal, Nivedita Balu, Paul Simao, Mark Porter Organizations: OTTAWA, Bank of Canada, Wednesday, BoC, Scotiabank, Reuters, TD Securities, Thomson Locations: Canada, Toronto

April 13 (Reuters) - The banking stress in the United States and Europe has had a limited impact on Canada's financial system so far, Bank of Canada Governor Tiff Macklem said on Thursday, adding though that there was a need to actively monitor risks to the system. "You're seeing a little bit of spillover to Canada, but honestly, it's really been quite muted," Macklem said when asked about how the country's financial system had been affected. Macklem spoke at the International Monetary Fund in Washington where he is attending an annual meeting. The failures of U.S. lenders Silicon Valley Bank and Signature Bank, followed by Credit Suisse's rescue, are prompting central bankers to closely monitor the potential for banking stress to trigger a credit crunch. On Wednesday the Bank of Canada (BoC) held its key overnight rate steady at 4.50%.

The jobless rate held steady at 5%, which is just a decimal point higher than the record low, Statistics Canada (Statscan) said. Analysts surveyed by Reuters had forecast a net gain of 15,000 jobs and for the unemployment rate to edge up to 5.1% in January. "However, that won't stop markets reacting to today's strong data by pricing in a greater probability of further hikes, and pricing out rate cuts," he said. Before the jobs numbers, markets had been betting that the Bank of Canada's next move would be to cut rates. When he announced a pause on rates, Governor Tiff Macklem said it was "conditional" and did not rule out further increases.

OTTAWA, Nov 23 (Reuters) - Inflation in Canada remains too strong, and higher interest rates will be needed to cool the overheating economy, Bank of Canada Governor Tiff Macklem said in testimony at the House of Commons on Wednesday. "Inflation has come down in recent months, but we have yet to see a generalized decline in price pressures," Macklem said. The Bank of Canada raised rates by 50 basis points last month, lifting the policy rate to 3.75%, the highest since 4% seen in January 2008. Conservative lawmakers pressed Macklem to explain what the bank should have done differently to avoid the spike in inflation. Macklem reiterated that "with hindsight", the bank would have started tightening monetary policy sooner, adding the bank would review how monetary tools have worked during this period.

OTTAWA, Nov 23 (Reuters) - Canadian inflation remains high and broad based and more interest-rate increases will be needed to cool the overheating economy, Bank of Canada Governor Tiff Macklem said in testimony at the House of Commons on Wednesday. "Inflation has come down in recent months, but we have yet to see a generalized decline in price pressures," Macklem said. After a strong job gain report for October, Canada's annual inflation rate held steady that same month at 6.9%, still far above the central bank's 2% target, while core inflation measures were mixed, data showed last week. The Bank of Canada raised rates by 50 basis points last month to fight inflation, lifting the policy rate to 3.75%, the highest since 4% seen in January 2008. Money markets have fully discounted a further 25 basis points of tightening by the Bank of Canada at its next policy decision on Dec. 7 and see a 20% chance of a larger move of 50 basis points.

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