The Bank of Canada's rate hike: You can’t fight inflation on the QT — via financialpost Economy Inflation
Some might be disappointed the bank didn’t go further on QT by announcing it would actually start selling its holdings of government bonds. Not to worry. Shrinking the balance sheet is the right signal to send the market but it’s the overnight rate that will have to do the heavy lifting to bring inflation back to target.
The bank now acknowledges that headline inflation is likely to average six per cent in the first half of 2022, though it expects it will decline to 2.5 per cent in the second half of 2023, not returning to the two per cent target until 2024. Its rate announcement also acknowledged that inflation expectations are becoming less well anchored: “here is an increasing risk that expectations of elevated inflation could become entrenched.
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