If we don't do enough, Canadians will continue to endure the hardship of high inflation. And they will come to expect persistently high inflation, which will require much higher interest rates and, potentially, a severe recession to control inflation. Nobody wants that. If we do too much, we could slow the economy more than needed.
And we know that has harmful consequences for people's ability to service their debts, for their jobs and for their businesses. This tightening phase will draw to a close. We are getting closer, but we are not there yet. The Bank of Canada's job is to ensure inflation is low, stable and predictable. We are still far from that goal.