Macklem just dropped a heads-up on what's coming down the pipe for inflation numbers. The central banker expects a short-lived bump in price pressures over the coming weeks—nothing structural, just base effects doing their thing. Last year's tax holiday is about to show up in the year-over-year comparisons, creating that temporary optical spike. Classic statistical quirk. The underlying message? Don't panic when those headline CPI prints tick higher. This ain't a trend reversal, just calendar math catching up. Markets should probably look through the noise and focus on the core trajectory instead.