The Bank of Canada might have to tighten its messaging to allay worries about inflation

Bank of Canada governor Tiff Macklem was starting down the long path to an economics PhD when interest rates breached 20 per cent in the early 1980s. Back then, Finance Minister Chrystia Freeland was a teenager helping out on the family farm in Alberta. Both of Canada’s key economic policy-makers would have been old enough to understand the gravity of the situation, but maybe not yet at an age that would have allowed them...