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Economic slowdown will hit lower-income Canadians hardest, BoC’s Macklem says

OTTAWA (Reuters) -Lower-income Canadians will be disproportionately affected by the slowdown in economic activity that is needed to ease inflationary pressures, Bank of Canada Governor Tiff Macklem said on Monday. Macklem, in opening remarks to the fourth annual Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking, also reiterated that inflation is too high and challenges remain as the central bank works to lower it. The Bank of Canada has hiked its policy rate by 350 basis points since March to 3.75%, in one of its sharpest tightening campaigns ever, and late last month it forecast the Canadian economy would stall through the first half of 2023.

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