Chrystia Freeland and Tiff Macklem on Bank of Canada's Updated Mandate

Chrystia Freeland, the deputy prime minister and minister of finance, and Tiff Macklem, the governor of the Bank of Canada, hold a joint news conference on Parliament Hill following their unveiling of the central bank’s renewed mandate. The inflation target will remain at the 2 per cent range for the next five years, ending on December 31, 2026. The bank will have the flexibility to shift closer to 3 per cent inflation to pursue the maximum sustainable level of employment when conditions warrant. It will also consider labour market indicators into its monetary policy decisions. (December 13, 2021)