The Financial Post reports in its Wednesday, Sept. 23, edition that Governor Tiff Macklem says the Bank of Canada will focus on economic realities for monetary policy decisions, rather than Federal Reserve actions or market predictions. The Post's Paula Tran writes that on Monday Mr. Macklem said there are key differences between the Canadian and American economies, leading to different interest rate decisions. Inflation rates in both countries have been running hot for months. Canada's inflation rate remained steady at 3 per cent year over year in August and July, while U.S. inflation topped 3.4 per cent annually during the same time period. However, Canada's inflation rate gradually returned to the 2 per cent target in August, 2024, after a POST–COVID-19 inflation surge that hit a 40-year high of 8.1 per cent in June, 2022. The inflation rate then hovered around that target for roughly 1.5 years before rising again in March due to the Iran war. Mr. Macklem said, "We can run a monetary policy in Canada that is geared to the situation in Canada, and that's what we're going to keep doing." Most economists doubt the BOC will raise borrowing costs this year, despite growing concerns about persistent inflation.