This is consistent with achieving the 2 per cent inflation target in an environment of still significant excess supply in Canada and the demand headwinds described earlier. While Canada’s circumstances and the discipline of the inflation target dictate a different policy stance than in the United States, there are limits to this divergence.
* * * In 1903, the Italian inventor Marconi demonstrated his new invention, a wireless telegraph, to a large audience. It didn’t go too well for him, though. The machine itself did work in the sense that it transmitted a message. However, it was not the message the audience – or Marconi – had expected. The word “rats” was being sent again and again.