Explaining the Bank of Canada’s decision to raise its key interest rate on Wednesday, Governor Tiff Macklem said the central bank expects GDP growth to stall through the end of 2022 and the first half of 2023, before picking up in the second half of that year. He said the bank expects inflation will hover around seven per cent in the final quarter of 2022, before falling to around three per cent by the end of 2023 and returning to the two per cent target by the end of 2024.