{
  "id": 15210651,
  "title": "Bank of Canada’s Macklem warns global resilience ‘under strain’",
  "url": "https://urgent.news/2026/10/17/bank-of-canadas-macklem-warns-global-resilience-under-strain-15210651",
  "topic": "world",
  "section": "World",
  "published": "2026-10-17T13:03:34.000Z",
  "source": {
    "name": "CityNews",
    "slug": "citynews",
    "url": "https://toronto.citynews.ca/2026/10/17/bank-of-canadas-macklem-warns-global-resilience-under-strain/"
  },
  "original_language": "en",
  "account": "Bank of Canada Governor Tiff Macklem has expressed concern that global energy prices, which have remained persistently high, will contribute to rising inflation in Canada. Despite acknowledging global resilience in the face of ongoing geopolitical tensions and economic shocks, Macklem warned that this resilience is \"under strain\" as shocks continue and energy prices increase. He noted that certain sources of resilience, such as releasing strategic oil reserves, are being depleted, leaving little capacity for further relief. The Middle East conflict, coupled with Houthi attacks on Saudi Arabia, has further exacerbated the situation, with no foreseeable improvement in global oil prices. These global factors directly impact the cost of gasoline, diesel, and heating oil in Canada. The Bank of Canada is set to release updated economic and inflation forecasts on October 28, aiming to keep inflation at its two per cent target. As of now, Canada's inflation rate has remained at three per cent for two consecutive months. Macklem anticipates that this inflation outlook will be significantly higher than the central bank's previous forecast from July. The Bank of Canada will assess how domestic prices respond to global cost pressures when Statistics Canada releases the September inflation report on Monday. While the central bank has been willing to overlook near-term inflationary impacts from the Iran war, Macklem has signaled growing concern and readiness to raise interest rates if inflation persists. Despite economic headwinds from U.S. tariffs and global geopolitical instability, Macklem expressed confidence in Canada, citing relative stability in the Canadian dollar compared to the U.S. dollar and external optimism in the Canadian economy.",
  "summary": "Bank of Canada governor Tiff Macklem is warning that persistently high global energy prices will drive up the outlook for inflation at home.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Winnipeg Free Press",
        "title": "Bank of Canada’s Macklem warns global resilience ‘under strain’",
        "url": "https://urgent.news/2026/10/17/bank-of-canadas-macklem-warns-global-resilience-under-strain",
        "published": "2026-10-17T13:03:34.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}