1/3  BIS - Central bankers' speeches  Based on these assessments, the Governing Council concluded that a further modest increase in the policy rate is appropriate. The Bank's ongoing program of quantitative tightening is complementing this restrictive stance. We know it takes time for higher interest rates to work through the economy to slow demand and reduce inflation.
The Update reviews economic and financial trends in the context of Canada’s inflation-control strategy. Three developments have led us to modify our outlook for economic growth and inflation in Canada, since our October Monetary Policy Report.