BoC governor Macklem says 2% inflation target is now in sight; we're not there yet but conditions increasingly appear to be in place to get us there

Further declines in inflation are likely to be gradual, given push and pull on inflation in the coming months
Next two or three quarters will be difficult for many; jobless rate is likely to increase further
Still too early to consider cutting policy rate; inflation has come down but it's still too high
As growth slows inflation pressures will ease, but we can't rule out bumps along the way
Once we are assured we are clearly on a path back to price stability, we will be considering whether and when we can cut rates
Economic growth stalled through mid-2023 and we expect it to remain weak into 2024
We do expect shelter price inflation to moderate over time, but predicting the timing is difficult
2024 will be a year of transition; period of weakness will pave the way to a more balanced economy
We expect growth and jobs to be picking up later in 2024 and inflation getting close to 2% target
We don't expect next few years to be as volatile as the last few have been
Governing council will continue to debate whether monetary policy is restrictive enough and how long it needs to remain restrictive