Labor Market Strong but Cooling; Higher Odds of Steady Rates in March as Global Banks Coordinate Policies to Target Inflation

Labor market remains very strong, but trending toward better balance; more time needed to bring down inflation

Probability increased that Fed will keep interest rates unchanged at March meeting

Bank of Canada doesn't necessarily follow Fed; can set policy based on Canadian needs

Communication important among global central banks, especially during crises

Supply constraints, not just demand, drove recent inflation; policy has more traction in Canada due to mortgage differences