BoC Governor Macklem says inflation is too high, inflation is very concentrated in gasoline and oil prices; risks are shifting, prepared to adjust monetary policy as needed

Inflation data will guide policy decisions. The bigger inflation issue is developments in the Middle East, particularly how long oil prices remain elevated and how high they. Future rate decisions will be guided by the inflation outlook and surrounding risks, adding that inflation remains too high and must be closely monitored. New US tariffs to weigh on Q4 economic growth. Recent bond route shows more than one thing is happening at once. BoC tolerance for higher inflation is limited. Canada is seeing some spillover from higher global bond yields and the central bank will take this into account. Multiple rate increases could be needed if they felt that inflation is a problem.