MNI BRIEF: Highlights of Bank of Canada Deputy Beaudry Speech

Bank of Canada Deputy Governor Paul Beaudry is speaking Thursday in Edmonton, Alberta, and here are some highlights:

• "Over the past few months, inflation has started to come down. Recently it reached 6.3%, down from a peak of 8.1% last summer. This is a welcome improvement. But inflation is still too high and far from the Bank’s 2% target."
• "While Canada may have turned the corner on inflation, we know that it will take time to get back to the Bank’s inflation target."
• "Without a sufficiently strong policy response, a drift in expectations away from the Bank’s inflation target can open the door to inflation remaining high and volatile for a long period of time."
• "Even if inflation has declined lately, we can’t take our eyes off it too soon and let it remain significantly above target for too long."
• "The Bank’s resolve -- and people’s awareness of it -- will help Canada’s economy reach the target faster and with less pain than if the Bank is half-hearted and lets up too soon."