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

"Canadian Dollar has been reasonably stable."

"We're not getting the direct effect of an appreciation to lower import inflation. So, that does mean we have got to rely more on the interest rate."

"If a conflict caused a spike in oil prices, given inflation prices are above target, we would need to be more cautious than usual on looking through it."

"In case of an oil price spike, what we would be particularly focused on is the impacts on core inflation."