MACKLEM SAW ‘STOP-START’ UPTURN

Newly appointed Bank of Canada governor Tiff Macklem projected a halting economic recovery during an exclusive interview conducted before he was named, suggesting he will continue the central bank’s loose monetary policy approach. Macklem spoke to Reuters in an extended interview on April 9. He has not spoken about future policy moves since being appointed on May 1 to a seven-year term, which begins on June 3. “Expect setbacks,” Macklem said of the recovery less than a month before his appointment. “It could be stop-start... it’s not going to be a rapid return to normal ... I expect there will be economic damage and there will be a need for some more traditional types of stimulus,” Macklem said in April. “The top of that list would be infrastructure spending.”