"This tightening of monetary policy is working, and interest rates may now be restrictive enough to get us back to price stability," Macklem told the Saint John Region Chamber of Commerce in the Atlantic province of New Brunswick. But when the BoC's policy setting governing council last met and announced on Oct. 25 that rates would remain on hold, some members thought another increase in borrowing costs would be needed, according to a summary of their deliberations. In recent months, Macklem has said monetary and fiscal policy should be rowing in the same direction to bring down inflation.