Bank of Canada Governor Tiff Macklem, in an FT oped cited by Reuters, said that economic slack in the Canadian economy is still not absorbed, but that "we are getting closer", thus, adding further stimulus via QE is no longer needed. Macklem caveated that, given he believes that slack does still remain in the economy, considerable monetary stimulus remains necessary.

On supply disruptions, he said they appear longer-lasting than thought and that energy prices were adding to inflationary pressures. If the bank does turn out to be wrong about the persistence of inflationary pressures, they "will adjust", said Macklem, before adding that the BoC's forward guidance has been clear that rates will not rise until economic slack is absorbed.