BoC Governor Macklem says if oil prices keep rising and stay elevated "there may be a need for consecutive increases in the policy rate"

If the United States imposes significant new trade restrictions on Canada, we may need to cut the policy rate further to support economic growth.  Alternatively, if oil prices continue to increase, and particularly if they remain elevated, the risk that higher energy prices become ongoing generalized inflation increases. If this starts to happen, there may be a need for consecutive increases in the policy rate