Bank of Canada Governor Tiff Macklem, speaking at the IMF meetings in Bangkok, said the global economy has performed better than expected despite recent shocks, including wars in Iran and Ukraine and sweeping trade disruptions. He warned that this resilience is increasingly under strain as the Middle East conflict persists and drives up energy prices. Macklem noted that countries can only release global oil reserves so many times before those reserves run dry and need restocking. The Bank of Canada will look at how domestic prices respond to global cost pressures when Statistics Canada releases its September inflation report.
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