Recent hawkish communications from Bank of Canada Governor Tiff Macklem, emphasizing the need to counter persistent energy price pressures on inflation, have driven market-implied odds sharply higher for a 25-basis-point policy rate increase at the October 28 decision, now at 80.8%. September CPI rose to 3.1% year-over-year amid elevated gasoline costs, while BoC surveys released October 19 showed rising consumer inflation expectations and business intentions to pass through higher costs. These factors outweighed softening labor data, including September job losses that lifted unemployment to 6.5%, keeping the current 2.25% rate path under review. The upcoming Monetary Policy Report will provide updated forecasts, potentially clarifying whether the bank acts preemptively against above-target inflation or maintains its hold stance amid mixed economic signals.