The Financial Post reports in its Thursday, Jan. 25, edition that the Bank of Canada held its key overnight interest rate at 5 per cent for the fourth consecutive time, as inflation remains higher than desired. The Post's Barbara Shecter writes that the BOC said in a Jan. 24 statement: "The council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation. Governing Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour." The BOC did, however, signal a shift in discussions. Governor Tiff Macklem said during a Wednesday news conference, "With overall demand in the economy no longer running ahead of supply, governing council's discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability to how long to stay at the current level." However, he said this does not mean the BOC has ruled out rate increases, if necessary. "We may still need to raise rates," Mr. Macklem said, echoing caution that has characterized previous hold decisions.