MNI BRIEF: BOC Says It's Raising Rates Aggressively

Bank of Canada Senior Deputy Governor Carolyn Rogers said Wednesday policy makers are raising interest rates "aggressively" and won't rest until inflation is brought back under control.

“Inflation is too high, it’s hurting Canadians," she told a webcast hosted by the Globe and Mail newspaper. “We do expect inflation to tick up a bit higher in the near term.”

“We will not rest easy until we get it back down to target. So that’s why we’re raising interest rates, and we’re raising them as you say quite aggressively,” she said, without directly referencing the prospect of hiking more than 50bps as the Bank has done at the past two meetings. She also said it's important to keep price expectations anchored, and a former top government economist has told MNI the Bank needs a bold move to beyond neutral. (See: BOC Needs Bold Hike Beyond Neutral-Senator)