And  1/2  BIS - Central bankers' speeches  inflation is expected to hover around 7% in the final quarter of this year, fall to around 3% by the end of next year and return to the 2% target by the end of 2024. Finally, we are trying to balance the risks of under- and over-tightening.
If we don't do enough, Canadians will continue to endure the hardship of high inflation. And they will come to expect persistently high inflation, which will require much higher interest rates and, potentially, a severe recession to control inflation. Nobody wants that. If we do too much, we could slow the economy more than needed.