Bank of Canada Governor Tiff Macklem said persistently high global energy prices will push up Canada's inflation outlook, adding that global resilience is under strain as shocks persist. Speaking on the sidelines of the IMF meetings in Bangkok, he noted that strategic oil reserve releases are being depleted, and that Houthi attacks on Saudi Arabia, damage to Gulf refining capacity and the closure of the Strait of Hormuz leave no relief in sight for oil prices. Canadian inflation has held at 3% for two months, and Macklem expects the outlook to be quite a bit higher than the July forecast of about 2.5% for the second half of the year. The bank will release new forecasts with its October 28 rate decision and is prepared to raise rates if price pressures spread. Macklem nonetheless expressed confidence in Canada, citing a relatively stable Canadian dollar and early signs of recovery and investment.
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Original headline: Bank of Canada Macklem warns global resilience under strain
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Related tickers and likely impact
XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/16/2026 | 4,165.63 |
| Change that session | -0.13% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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