The Financial Post reports in its Saturday, Jan. 28, edition that Blackrock Investment Institute head Jean Boivin thinks inflation will be influenced mostly by supply in the future, which would be an important change from the past few decades, a period during which policy-makers and investors were convinced that price pressures were largely a question of demand. The Post's Kevin Carmichael writes that it could have all kinds of implications, including on the severity of the slowdown that central banks have just induced to get inflation under control. The "demand" playbook suggests policy-makers will be able to put a floor under the downturn by cutting interest rates. If, however, Mr. Boivin is right, and supply issues are the main drivers of inflation, lower interest rates would only make the inflation problem worse by encouraging more demand than providers of goods and services can satisfy. Mr. Boivin, who is a former Bank of Canada deputy governor, said last week, "We don't think there will be a soft landing."