But he assured Canadians that monetary policy is working and he expected inflation to return to the central bank's 2% target by 2024. TORONTO, Oct 9 (Reuters) - Bank of Canada Governor Tiff Macklem said there is scope to slow the economy based on an "exceptionally high number" of job vacancies in the labor market. The Bank of Canada has raised its benchmark interest rate by 300 basis points since March, one of its steepest and fastest tightening cycles ever.