The Financial Post reports in its Saturday, April 4, edition that people trust the Bank of Canada, a reputable institution influencing mortgage rates for over 10 million Canadians. The Post's Robert McLister writers that its statements, however, can inadvertently lead borrowers to think in ways that may not always be in their best interest. Exhibit A: the infamous "transitory" inflation debacle of 2021. That is where the BOC and other central banks were busy reassuring borrowers that inflation would be temporary. This was its narrative just months before Canada's prime rate soared 475 basis points in just 17 months. That little "transitory" oopsie moment led to the biggest percentage point hiking cycle in over three decades, and the largest percentage increase in Canadian history. By the time the BOC got serious and tightened rates, inflation had already reached 5.7 per cent, 370 basis points above its mandated target. That is like showing up to a fire with a garden hose -- after the house is gone. Such missteps are hardly unprecedented. There is a well-documented pattern of central banks downplaying or underestimating inflation in the early stages of inflation cycles.