BoC Governor Macklem says new era of uncertainty is not going away any time soon

Could take some time for higher fuel margins to normalise, this is a worry becaus that will add persistence to headline inflation. Have cut annualised growth forecast to 0.75% Expects inflation to drift up a little higher in coming months. Key thing they will look at is their inflation forecast. Question is, is the current rate the right one or do they need to raise it? If we were too slow to raise rates we would have to raise them very quicly, and raise them more than we had moved earlier.