BOC's Macklem: Canada needs higher interest rates

• Demand is beginning to run ahead of the economy's productive capacity
• Businesses can't find enough workers to meet demand
• BOC is committed to using rates to return inflation to target and will do so 'forcefully' if needed
• we do not have a pre-set destination for the policy interest rate
• How high rates go will depend on how the economy responds and how the outlook for inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term evolves.
• If demand responds quickly to higher rates and inflationary pressures moderate, it may be appropriate to pause our tightening once we get closer to the neutral rate and then take stock
• Full text of the opening statement

There's nothing new here. The market is trying to figure out if the BOC will hike by 50 bps at the next meeting or more.

Expect more comments over the next hour. I'll update this page live.