Dave never seems to be able to get his head around the fact that by the BoC’s own admission, in the 2016 renewal agreement, they raised the true inflation rate target from 1.5% to 1.7%, the first time there has been such a hike since the inflation targeting regime was established. So the 1.0% inflation rate for June 2017 is actually about 1.2%, by the BoC’s own calculation, as it would have been calculated at the time of the 2011 renewal agreement. The target rate should have been lowered to at least 1.8%, or better yet 1.5%, which would have made the BoC’s case for a rate hike now more defensible.