- Demand pressures have eased more quickly than we forecast in July
- Overall inflation risks have increased since July
- We held policy rate steady because we want to allow mon pol time to cool economy
- Worried higher energy prices and persistence in underly inflation are slowing progress
- We’ve made a lot of progress but we’re not there yet
- We now expect oil prices to remain higher than we assumed in July
His opening statement is on the hawkish side but USD/CAD is unmoved.