It is now clear that supply bottlenecks are broader and longer lasting than earlier assessed. We had marked-down our forecast for Canadian growth in our September forecasts to reflect this, but it now appears clear that in Canada and elsewhere, the inflationary consequences of these supply bottlenecks have been underestimated. As a consequence, we are revising the inflation outlook in our key markets despite a relatively unchanged growth outlook to account for the greater persistence of the imbalance between global demand and the production apparatus. Central banks in some countries have already responded to the ... (full story)