Bank of Canada (BoC) Governor Tiff Macklem comments on the policy outlook following the BoC's decision to leave its policy rate unchanged at 4.5% in April.

Key takeaways

"Governing Council discussed whether it had raised rates enough."

"The work of monetary policy - the full impact of previous rate hikes - is not done."

"Governing Council considered likelihood that rates may need to remain restrictive for longer to return inflation to 2% target."

"Bank is encouraged that inflation is declining."

"The Canadian economy remains in excess demand."

"With inflation still well above target, the bank continues to be more concerned about upside risks to forecast."