Bank of Canada Deputy Governor Toni Gravelle said on Thursday that concerns about upside inflation risks are heightened much more than usual. We are likely to react a little bit more readily to the upside risk given it's already above our inflation-control range, Gravelle added. For reference, the bank's inflation-control range is 1.0%-3.0%.
The comments come in wake of remarks from Gravelle earlier in the session. His comments are hawkish-leaning (hinting at a proactive BoC response to upside inflation risks), but the loonie does not seem to have reacted.
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