MNI: BOC's Macklem Says Prepared To Hike  Interest Rate Again

Bank of Canada Governor Tiff Macklem told reporters Wednesday he's prepared to raise interest rates again to quell upside inflation risks, speaking after a decision to lift the key rate a quarter point to the highest since 2001 at 5%.

"If new information suggests we need to do more, we are prepared to increase our policy rate further. But we don't want to do more than we have to," he said in the text of an opening statement for a press conference in Ottawa.

"Several things need to happen for inflation to continue easing," he said. While officials are balancing the risks of over- and under-tightening, they decided that the cost of leaving rates unchanged at this week's decision was too high. The Bank is taking a meeting-by-meeting stance, Macklem said, adding there is even some risk that inflation could accelerate again.