Macklem: Inflation is on a higher path than we expected

  • Demand pressures have eased more quickly than we forecast in July
  • Overall inflation risks have increased since July
  • We held policy rate steady because we want to allow mon pol time to cool economy
  • Worried higher energy prices and persistence in underly inflation are slowing progress
  • We’ve made a lot of progress but we’re not there yet
  • We now expect oil prices to remain higher than we assumed in July

His opening statement is on the hawkish side but USD/CAD is unmoved.

This article was written by Adam Button at Source