Amid Poilievre criticism, BoC governor says he'll 'leave the politics to the politicians'
While Conservative leadership candidate Pierre Poilievre has called for his removal, Bank of Canada governor Tiff Macklem says he will “leave the politics to the politicians.”
“We welcome diverse views, we welcome analysis, we welcome criticism of our work and our decisions," said Macklem. “Canadians should be asking us tough questions.”
Poilievre has said he would fire Macklem if he became prime minister, criticizing him for record high inflation, record high housing prices and the bank's quantitative easing program, which Poilievre says is “money printing.”
“When the Bank Governor surrendered his independence to print money for Trudeau, it inflated a housing bubble,” Poilievre tweeted on Wednesday. “If that bubble bursts, countless people will be underwater on their mortgages—facing bankruptcy. Another reason to fire Trudeau & his Governor.”
Macklem defended the bank’s actions at the start of the pandemic to drop interest rates and provide liquidity to markets through quantitative easing, saying they were key to making sure a “very deep recession didn't become a depression.”
Macklem admitted that inflation “is too high” but said he is confident the bank will be able to bring inflation back to its mandated two per cent target.
“We've now got some new challenges. Inflation is too high, there are global supply constraints, there's a war in Ukraine, our economy is overheating,” said Macklem. “There's a second part to this and we need to complete the job. We need to get inflation back to target and we're very focused on doing that.”
When asked by reporters if it was appropriate for Poilievre to call for his removal, Macklem repeated he would “leave the politics to the politicians” and declined to comment further.
IN DEPTH

'Not the result we wanted': Trudeau responds after surprise Conservative byelection win in Liberal stronghold
Conservative candidate Don Stewart winning the closely-watched Toronto-St. Paul's federal byelection, and delivering a stunning upset to Justin Trudeau's candidate Leslie Church in the long-time Liberal riding, has sent political shockwaves through both parties.
'We will go with the majority': Liberals slammed by opposition over proposal to delay next election
The federal Liberal government learned Friday it might have to retreat on a proposal within its electoral reform legislation to delay the next vote by one week, after all opposition parties came out to say they can't support it.
Budget 2024 prioritizes housing while taxing highest earners, deficit projected at $39.8B
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
'One of the greatest': Former prime minister Brian Mulroney commemorated at state funeral
Prominent Canadians, political leaders, and family members remembered former prime minister and Progressive Conservative titan Brian Mulroney as an ambitious and compassionate nation-builder at his state funeral on Saturday.
Supports for passengers, farmers, artists: 7 bills from MPs and Senators to watch in 2024
When parliamentarians return to Ottawa in a few weeks to kick off the 2024 sitting, there are a few bills from MPs and senators that will be worth keeping an eye on, from a 'gutted' proposal to offer a carbon tax break to farmers, to an initiative aimed at improving Canada's DNA data bank.
Opinion

opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
CTVNews.ca Top Stories

Tenants in 16-floor apartment building in Ottawa's west-end served eviction notices
More than 100 people in Ottawa's west-end are in the process of receiving eviction notices to vacate their 50-year-old apartment building for renovations.
WestJet cancels at least 150 flights following mechanics union strike
WestJet says it's cancelled at least 150 flights beginning Saturday after the union maintaining the airline's planes announced it went on strike hours earlier.
Health Canada recalls brand of sunscreen product due to potential fungal contamination
Double check your sunscreen products before lathering up this long weekend, as Health Canada has recalled several lots across the country.
opinion Practical tips for seniors who want to supplement their retirement income
Are you retired and looking for some ideas to help make some extra money? Personal finance contributor Christopher Liew has some tips to help you earn some income in your golden years.
As fall elections loom, are fears for the state of democracy in Canada justified?
Is Canada's democracy truly under threat? Political scientists say while Canadian politics and institutions are facing a myriad of concerns, the situation isn't dire overall.
The small French town where Newfoundlanders were heroes
It was a battle ripped from the pages of a storybook: Ten soldiers held off hundreds of German troops to save a small French village in the First World War.
Ontario woman loses $1,000 deposit in cottage rental scam
For many, the Canada Day long weekend is the official kick off of summer and many families will be spending time at a cottage.
Driver charged with DUI for New York nail salon crash that killed 4 and injured 9
A minivan slammed into a Long Island nail salon Friday, killing four people and injuring 9, a Suffolk County fire official said.
'We need new leadership': Liberal MP writes to caucus, says Justin Trudeau should resign
A sitting Liberal MP has written to the federal caucus to say he thinks Prime Minister Justin Trudeau should resign. 'For the future of our party and for the good of our country we need new leadership and a new direction,' said New Brunswick MP Wayne Long in the brief note.
Local Spotlight

'I am very proud': Manitoba grandfather and grandson graduate high school in same class
A grandfather and grandson duo proudly graduated alongside each other at the same northern Manitoba school.
'Absolutely amazing video': Basking shark spotted along eastern shore of Nova Scotia
A large basking shark was captured close to the shoreline on Nova Scotia's Eastern Shore.
World's largest hockey stick in B.C. to be chopped up, sold to collectors
The world's largest hockey stick could soon become the world's most in-pieces hockey stick as a Vancouver Island community prepares to tear down and carve up the Canadian landmark.
'Hanging on for her life': Sask. family desperate to bring home sick niece from Philippines
For half a decade, a Saskatoon family has been trying to bring their orphaned niece to Canada, they say now it’s a matter of life or death.
'Really disappointed': Painting at Winnipeg Art Gallery found to be a forgery
The Winnipeg Art Gallery- Qaumajuq recently discovered that one piece in its collection is a fake and part of a massive art forgery ring that included more than 1,500 pieces.
Six-year-old Montreal boy triumphs in Canadian math competition
Six-year-old Bruce Arthur Chang is the new grand champion of Canada in the UCMAS math competition, and says he is hoping to make a mark on the international stage.
Halifax icon who wore high heels with pride dies at 86
Harold Brenton Anderson, who wore high heels for decades in Halifax and loved to travel, has died.
This Ottawa 'fat cat' on a weight loss journey has become a TikTok star
An Ottawa cat has morphed into a TikTok star, as he's slimming down from weighing 43 pounds.
'I just really like the sport': Meet the 90-year-old local slo-pitch player still living out his passion
Bill Neald is still living out his passion of playing baseball at the age of 90 in Regina’s Senior Mixed Slo-Pitch League.