BOC: Higher rates will likely be required over time

Below are the key highlights, via LiveSquawk, from the Bank of Canada's monetary policy statement.

Wages have shown some improvement.

Ongoing, but diminishing slack in labour markets.

Inflation slightly higher than anticipated.

Cautious amidst “considerable uncertainty regarding global outlook.

Effect of GDP revisions on output gap unlikely to be significant.

Higher rates will likely be required over time.