• The exchange rate is part of how monetary policy works
• Normally large rate hikes boost the currency but because the US is also hiking, the currency has been relatively stable
• We don’t target the exchange rate but we take it into account
• We are seeing clear evidence that higher rates are working
• We left the door open to higher interest rates, if needed
• We need to see clear downward momentum in core inflation
• There could certainly be two or three quarters of negative growth
• A path to a soft landing in Canada is narrower vs USA
• Highlights the difference between US and Canadian mortgage markets
• Rogers: Relative to interest rates, we’re not seeing the drop in housing prices we’d expect
• Rogers: Canada continues to suffer from a lack of housing supply
• Rogers: We’re paying very close attention to the mortgage-renewal cycle
• Rogers: Will look more at housing in November Financial System Review
• Government spending doesn’t look like it’s been adding undue inflation pressure in the past year
• It’s easier to get inflation down if governments and central banks are moving int he same direction
• Now is not the time to discuss reductions in the overnight rate
• Says he wouldn’t use the term ‘stagflation’
• The risks that oil could go a lot higher have increased