The Globe and Mail reports in its Monday edition that Stephen Poloz, the Governor of the Bank of Canada, appears to be doing everything he can to signal his intention to raise interest rates on Wednesday. The Globe's Ian McGugan writes, however, that inflation is running at a mere 1.3 per cent, nudging the bottom end of the bank's 1- to 3-per-cent target range. Raising rates now runs the risk of slowing the economy in order to forestall a jump in inflation that remains only a theoretical prospect. Mr. Poloz's announcements fall short of a satisfactory explanation. He likes to put things in everyday terms, so he compared the central bank with a driver who begins slowing down well ahead of a red light, instead of slamming on the brakes at the last moment. It is a nice metaphor, but it omits one important fact: The Bank of Canada's windshield has been anything but clear in recent years when it comes to inflation. Some analysts believe that a rate hike on Wednesday will be the first in a prolonged series of increases. Derek Holt at Bank of Nova Scotia said in a note that his bank's model indicates a full percentage point of tightening may be needed by the end of 2018 to offset inflationary pressures.