This tightening phase will draw to a close. We are getting closer, but we are not there yet. 1/3  BIS - Central bankers' speeches  We are carefully assessing the effects of higher interest rates on economic activity and inflation.
And we are being clear with Canadians and focusing on the job we have been assigned-to restore price stability for the benefit of all. Let me expand on these considerations and highlight the key points in the Governing Council's deliberations. The Governing Council began by assessing international developments since the July MPR. Inflation around the world is high and increasingly broad-based.