We meet at a critical juncture and I want to set the context by highlighting three pertinent themes. First, as was highlighted by the International Monetary Fund in its July 2021 World Economic Outlook, COVID-19 vaccine access has become the principal fault line for global recovery from the pandemic.
Over the next few weeks, the Bank will update its outlook for growth and inflation in Canada to reflect these factors and other developments, such as recent federal and provincial budgets. As always, this analysis will inform our monetary policy decisions. The Bank will take whatever action is appropriate to achieve the 2 per cent CPI inflation target over the medium term.