The statements made by Bank of Canada Governor Tiff Macklem today, Friday, addressed the following points:

The rise in long-term bond yields does not replace what needs to be done to bring inflation back to the target level.
The Bank of Canada will release its economic forecasts on October 25.
The Bank of Canada does not anticipate a severe recession.
The Bank of Canada sees clear signs that monetary policy is working to restore balance between supply and demand, but inflation remains extremely high.
The Bank of Canada does not really see downward momentum in core inflation, and that is a concern.
The strength of the Canadian economy means that people will receive wage increases, which will help absorb the impact of rising mortgage rates.
It is worth noting that Bank of Canada Governor Tiff Macklem earlier stated that monetary policy may be restrictive enough to restore price stability as high interest rates transmit through the Canadian economy; however, he warned that Bank of Canada members are concerned about persistently high core inflation.

Governor Macklem continued that inflation is still extremely high, and there is very little downward momentum in core inflation, and they are prepared to raise interest rates further if necessary; in order to restore price stability.