into a tremendous opportunity to learn about all these great canadians and to give their stories some well - deserved and long - overdue recognition. the second thing about this note, of course, was the ultimate choice of viola desmond, the successful businesswoman from nova scotia ’ s black community, who took a stand for human rights, and against discrimination, in the 1940s. with this inspired and inspiring choice, the note ’ s themes of human rights and social justice fell naturally into place. and what better embodiment of this theme than this remarkable location — the canadian museum for human rights. i am so pleased that this building as it stands, and everything it stands for, are being recognized on this note. the choice of viola desmond has touched off conversations about human rights across canada, as well as celebrations of the life of this remarkable woman, especially in the north end of halifax, where she lived and grew her business. i know events are taking place in halifax to honour this great canadian, where people can spend their brand - new vertical notes and even 1 / 2 bis central bankers'speeches see an original musical production about her. right here in this museum, there is an exhibit where you can learn more about viola. and starting at the end of the month, our own bank of canada museum in ottawa will have a special exhibition — a noteworthy woman — that will explore the story of viola and this new vertical note. the choice of viola desmond brought her story of dignity, courage and human rights to the fore. and, it brought one other remarkable person to our attention. that is, of course, viola ’ s incomparable sister, wanda robson. you may know that wanda was pursuing her dream of getting a university degree at a time in life when most of us would be planning for a quiet retirement. in her studies, wanda heard her sister ’ s story being told by her professor, dr. graham reynolds, who is also with us today. at that point, wanda realized the importance of sharing her sister ’ s story with the world. it was wanda who worked tirelessly to make sure that her sister ’ s story wouldn ’ t be forgotten. and wanda, we all owe you a debt of gratitude because, thanks to your hard work, your sister ’ s story won ’ t be forgotten. 2 / 2 bis central bankers'speeches

to avoid the need for even higher interest rates down the road. front - loaded tightening cycles tend to be followed by softer landings. this argues for getting our policy rate quickly to the top end or slightly above the neutral range. before i turn to your questions, let me say a few words about the governing council ’ s policy discussions. we noted that major global events, including the war in ukraine and severe covid - 19 restrictions in china, have not abated and are putting upward pressure on inflation and dampening global growth. and we recognized that the resolution of global supply disruptions remains difficult to predict. we discussed the momentum in domestic demand and how it is becoming a more prominent driver of inflation in canada. a wide range of labour market indicators, including the record - low unemployment rate, widespread labour shortages and higher wage growth, all point to an economy that is overheated. we also reviewed measures of inflation expectations at some length. the prevailing view in consumer and business surveys is that the bank of canada will ultimately control inflation. at the same time, these surveys clearly suggest inflation expectations have moved up and are becoming more dispersed, with more respondents now seeing high inflation persisting. market - based measures of inflation expectations over the next two years as well as the projections of professional forecasters have also risen, though they remain consistent with the 2 % inflation target over the longer term. while the governing council was reassured that the inflation target remains credible overall, we recognized this credibility is being tested. demand in the economy is running ahead of supply, inflation is high, and uncertainty about future inflation has increased. all of that led us to the decision we took today to accelerate the path to higher interest rates. we did not take this decision lightly. we are acutely aware that higher interest rates will affect canadians who are already feeling the pain of high inflation. it can seem counterintuitive to add to the interest costs canadians face in order to combat the cost of inflation. but by increasing the cost of borrowing we will moderate spending and return inflation to target. we need to get price changes back to normal. this matters because it gives people predictability — to plan their spending and savings decisions, to budget, to live their lives without having to worry about what things are going to cost next week, next month or next year. the way to protect people from high inflation is to eliminate it. that ’ s our job, and we are determined to do it. the governing council is resol