Currently, with inflation well above our target, we are increasingly focused on countering the upside risks. At different stages in the pandemic we have changed our outlook and our policy stance to respond to the uncertain and fast-changing situation. What remained constant, See S. Kozicki and J. Vardy, “Communicating Uncertainty in Monetary Policy,” Bank of Canada Staff Discussion Paper No. 2017-14 (November 2017).
4  11  however, was our commitment to explaining the basis for our projections and our decisions. We have been clear that we can’t be certain about many things. We have also been candid in describing the risks involved at any given moment. Although we cannot eliminate uncertainty, we can provide as much clarity as possible about the Bank’s actions and decision-making processes.