Bank of Canada governor Tiff Macklem is warning that persistently high global energy prices will drive up the outlook for inflation at home. While Macklem said global resilience is being tested after a series of shocks, he also expressed some confidence in Canada’s ability to weather the storm. The head of the Bank of Canada spoke to reporters on Saturday in a press conference from the sidelines of the International Monetary Fund meetings in Bangkok. He said the prevailing message from his peers at the summit is that the global economy has been performing better than expected in the face of ongoing wars in Iran and Ukraine, sweeping trade disruptions and higher borrowing costs from rising bond yields.
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