- The exchange rate is part of how monetary policy works
- Normally large rate hikes boost the currency but because the US is also hiking, the currency has been relatively stable
- We don't target the exchange rate but we take it into account
- We are seeing clear evidence that higher rates are working
- We left the door open to higher interest rates, if needed
- We need to see clear downward momentum in core inflation
- There could certainly be two or three quarters of negative growth
- A path to a soft landing in Canada is narrower vs USA
- Highlights the difference between US and Canadian mortgage markets
- Rogers: Relative to interest rates, we're not seeing the drop in housing prices we'd expect
- Rogers: Canada continues to suffer from a lack of housing supply
- Rogers: We're paying very close attention to the mortgage-renewal cycle
- Rogers: Will look more at housing in November Financial System Review
- Government spending doesn't look like it's been adding undue inflation pressure in the past year
- It's easier to get inflation down if governments and central banks are moving int he same direction
- Now is not the time to discuss reductions in the overnight rate
- Says he wouldn't use the term 'stagflation'
- The risks that oil could go a lot higher have increased
