Macklem opening statement: Governing Council discussed whether it had raised rates enough

• Canadian economy remains in excess demand
• Bank is encouraged that inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is declining
• Considered whether rates may need to stay restrictive for longer
• BOC remains more concerned about upside risks to forecast
• We've come a long way from the 8% inflation last summer

There's a hawkish tinge to these comments but that's not a surprise. I don't see him seriously talking about hiking more here. USD/CAD is flat on the day at 1.3462 but the loonie is softer against the rest of the field as the US dollar slumps broadly. That's despite a rally in oil prices and suggests there were many in the market thinking the BOC would be more hawkish.