Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020.
REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Oct 13 (Reuters) - Bank of Canada Governor Tiff Macklem on Friday said the economy is not heading for a "serious recession" and that he is looking for a clear sign underlying inflation is easing ahead of a rate decision on Oct 25.
"We're not going to be forecasting a serious recession," Macklem told reporters in a call from Marrakech, Morocco, where he was attending an IMF meeting.
Macklem said the bank would be weighing whether to let previous rate hikes work through the economy or raise rates again to counter sticky inflation.
"What we're looking for are clear signs that core inflation, underlying inflation, those pressures are easing and inflation is going to be coming down," Macklem said.
Persons:
Blair Gable, We're, Macklem, Steve Scherer, David Ljunggren
Organizations:
Bank of Canada, REUTERS, Rights OTTAWA, Reuters, Thomson
Locations:
Ottawa , Ontario, Canada, Marrakech, Morocco, Reuters Ottawa