- Canadian economy remains overheated and is clearly in excess demand
- With inflation over 6%, we are still a long way from the 2% target
- We've seen some evidence that our rate hikes are starting to slow demand and rebalance economy
- If evidence begins to accumulate to show that inflation is not declining in line with forecast, we are prepared to raise rates further
- Expect inflation to fall to around 3% in the middle of the year and reach target in 2024
Macklem is speaking in parliament.
