Bank of Canada Governor Tiff Macklem takes part in an interview after announcing an interest rate decision in Ottawa, Ontario, Canada January 25, 2023. REUTERS/Blair Gable
"Their credibility is at stake," Roger Aliaga-Diaz, senior economist and head of global portfolio construction at Vanguard, tells"[The Bank of Canada's] fear is if they give in to what the market is asking or expecting, and then inflation goes back up, now they don't have the credibility to control it."
That was a big blow to its credibility, Aliaga-Diaz says, adding that the Bank would rather push against market expectations for rate cuts until it's absolutely sure inflation has been tamped down to preserve what little credibility it has left.
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