Labor market has become "good deal" healthier over past year but some slack still remaining

There is degree of untapped supply potential in economy; canada may be able to have more growth without higher inflation

Cannot know in advance how far capacity-building process can go, obliged to let it occur

If economy builds more supply than usual, puts downside risk on inflation; if less supply, creates upside risk to inflation; boc's job to balance risk

BoC cannot take mechanical approach to policy, even though interest rates likely to move higher over time

Uncertain processes entail upside, downside risks to inflation; monetary policy remains particularly data

Repeats will remain cautious in considering future policy adjustments, guided by incoming data

Youth, women, indigenous people represent untapped sources of potential economic growth