BoC's Gravelle: Concerns over inflation are heightened to the upside much more than usual

Bank of Canada Deputy Governor Toni Gravelle said on Thursday that concerns about upside inflation risks are heightened much more than usual. We are likely to react a little bit more readily to the upside risk given it's already above our inflation-control range, Gravelle added. For reference, the bank's inflation-control range is 1.0%-3.0%. 

Market Reaction

The comments come in wake of remarks from Gravelle earlier in the session. His comments are hawkish-leaning (hinting at a proactive BoC response to upside inflation risks), but the loonie does not seem to have reacted.