Additional Comments:

"It is important to make it clear that our primary focus and unwavering commitment is to returning inflation to 2%.

"The pace and magnitude of rate hikes, as well as the beginning of QT, will be part of our next decision."

"Inflation is too high in Canada, the labor market is tight and there is a lot of momentum in demand,"

"Households appear to be in a better financial position now than they were at the beginning of our 2017-18 tightening cycles."

"Household debt is now higher than pre-pandemic levels, and its elevated level continues to be a significant domestic vulnerability."

"High levels of indebtedness can increase the impact of rising interest rate and could even worsen the effects of future shocks."

"A key concern is that of the widening price pressures...around 2/3 of the components in the Consumer Price Index now show inflation above 3%."

"An inexorable rise in inflation can increase the likelihood that inflation expectations for the long-term could drift upward."

"The invasion of Ukraine is increasing inflationary pressures in Canada, the world and elsewhere... The bank is closely monitoring events and their impacts."