Macklem speech: We've made a lot of progress but we are not there yet

Tiff Macklem, Governor of the Bank of Canada (BoC), explains the BoC decision to leave the interest rate unchanged at 5% after the October policy meeting and responds to questions from the press.

Key quotes

"Overall, inflationary risks have increased since July; inflation is on a higher path than we expected."

"We held policy rate steady because we want to allow monetary policy time to cool economy and relieve price pressure."

"Further easing in inflation is likely to be slow and inflationary risks have increased; worried higher energy prices and persistence in underlying inflation are slowing progress."

"We've made a lot of progress but we are not there yet; we need to stay the course."

"Indicators of balance between demand and supply are mixed; demand pressures have eased more quickly than we forecast in July."

"We now expect oil prices to remain higher than we assumed in July."

"We will continue to assess whether monetary policy is sufficiently restrictive."

"Russian war on Ukraine and Israel/Gaza conflict are hurting economy and adding uncertainty to the outlook."