Officials from the Bank of Canada will testify before a Senate committee.

Tiff Macklem, the governor of the Bank of Canada, and Carolyn Rogers, the senior deputy governor, are scheduled to testify before the Senate Banking Committee on Tuesday night.

The central bank increased interest rates last week, making it six increases in a row.

The Bank of Canada increased its benchmark interest rate by half a percentage point on Wednesday and hinted that additional rate increases will be necessary to combat inflation that has reached decades-high levels.

The annual inflation rate in Canada was 6.9% in September, but it has been progressively falling since reaching a peak of 8.1% in June.

The Canadian economy is expected to experience a major slowdown toward the end of the year and into the first half of 2023, according to the Bank of Canada’s most recent monetary policy report, which was released last week.

Officials from the Bank of Canada are frequently summoned to testify after the publication of the monetary policy reports in April and October.



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