This has been particularly true during the pandemic. Given the magnitude of the impact at the beginning of the crisis, our concern about of the downside risks to the economy led us to deliver an aggressive monetary policy stimulus. As the situation evolved, however, our policy action shifted along with the balance of risks.
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).