Bank of Canada (BoC) Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers comment on the policy outlook following the BoC's decision to raise its policy rate by 25 basis points to 5% in July.

Key takeaways

"We are concerned, if we're not careful, the progress to price stability could stall."

"There was a clear consensus among the Governing Council there was not a big benefit of waiting to raise rates."

"In BoC's forecast, there is a path back to price stability while maintaining growth."