Every time the Bank of Canada has tried for a "soft landing" we've gotten a recession

Inflation is 7.7% and the Bank is targetting 2%. A 5.7% drop has happened 3 times since the '60s, each time after big rate hikes and all with a recession. Success rate of a soft-landing: 0%. Average job loss: 850,000. We need a new playbook.

Chart: David Macdonald - Canadian Centre for Policy Alternatives Source: Statistics Canada table 10-10-0139-01, 18-10-0004-01, 36-10-0104-01 and author’s calculations Get the data