The Bank of Canada says it feared being too slow to react to sticky inflation ahead of the decision to keep its key interest rate steady earlier this month.
In its summary of deliberations, the central bank says it considered raising interest rates from the current 4.5 per cent.
The Bank of Canada appears confident that inflation will fall to three per cent by mid-year.
But it's concerned that the return to two per cent inflation may take longer as the cost of services remains elevated.
In that scenario, the Canadian economy would contract by 0.3 per cent in 2023 and grow by 1.3 per cent in 2024. The PBO says this analysis represents only one of many possible scenarios that could play out in the Canadian economy.
The data showed a large reduction in the backlog of temporary residence applications while the permanent residence backlog registered a slight increase. The permanent residence inventory stood at 506,421 people as of November 3, compared to 505,562 as of October 3.
Chief public health officer Dr. Theresa Tam said Thursday in a virtual update that the triple threat of all three viruses is posing a challenge for the health system in several parts of the country and points to the need for "stepped up precautions."
Robert Leeming, who is 37, pleaded guilty to the second-degree murder of Jasmine Lovett, but not guilty in the death of 22-month-old Aliyah Sanderson. He was convicted earlier this year of second-degree murder in the child's death.
The federal government provided the fund last December, just weeks after an intense rainstorm washed away highways, swelled area rivers and overwhelmed dikes in the low-lying Fraser Valley, inundating key agricultural land around Abbotsford.
"We will challenge China when we ought to, and we will co-operate with China when we must," Joly said in a Wednesday morning speech, adding that Canada will seek deeper ties with more democratic, reliable countries such as India.