The Globe and Mail reports in its Monday edition that Bank of Canada Governor Stephen Poloz is working hard to prepare investors for what is to come. The Globe's Ian McGugan writes that last month Mr. Poloz said, "The interest rate cuts we put in place in 2015 have largely done their work." Then, last week he mused it was time to "ease up on the accelerator." Mr. Poloz appears to be signalling his intention to raise interest rates on Wednesday. That only leaves one mystery to clear up: What in the world is he thinking? 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. At least so far, Mr. Poloz's announcements fall short of a satisfactory explanation. The most cautious way to read his thinking, Mr. McGugan says, is to assume he merely intends to reel back in the half-percentage point of rate cuts he made in 2015, when plunging oil prices were threatening the Canadian economy. If that is all that is driving his agenda, Mr. Poloz will hike the policy rate and then wait to see how the economy reacts.