BoC Governor Tiff Macklem said in a speech yesterday, “We know we are still a long way from the 2% (inflation) target. We know it will take some time to get there. We also know there could be setbacks along the way, and we can’t afford to let high inflation become entrenched.”
“Simply put, there is more to be done. We will need additional information before we consider moving to a more finely balanced decision-by-decision approach,” he noted.
“We can’t control global developments. But we can use monetary policy to influence the balance between demand and supply in the Canadian economy and therefore ease domestic inflationary pressures over time,” Macklem also said.
