The Globe and Mail reports in its Friday, Oct. 7, edition that Bank of Canada Governor Tiff Macklem says more interest rate increases are necessary to tame inflation. The Globe's Mark Rendell writes that on Thursday, Mr. Macklem said the Canadian economy is still overheating, and domestic inflationary pressures have yet to ease. He said: "Simply put, there is more to be done. We will need additional information before we consider moving to a more finely balanced decision-by-decision approach." The BOC has raised interest rates five times since March. The key question for investors and borrowers is how much further the BOC intends to go. Mr. Rendell says most private-sector forecasters think the BOC will push its policy rate to 4 per cent or slightly above before halting. The pace of monetary policy tightening in Canada and around the world is raising the odds of a painful economic contraction next year. A growing number of private-sector economists predict Canada will fall into recession in early 2023. Mr. Macklem has long maintained a "soft landing" is possible, where inflation declines without a spike in unemployment or a sustained drop in economic growth. He acknowledges, however, that the path is narrow.