OTTAWA — Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
OTTAWA — Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Some members felt the central bank should take its time before lowering rates, the summary said, given the Canadian economy's strong performance as well as ongoing inflationary risks. "Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target," the summary said."Others placed more emphasis on the progress made in bringing inflation down."
"While there was a diversity of views about when conditions would likely warrant cutting the policy rate, they agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target," the summary said.The Bank of Canada has been encouraged to see a significant slowdown in inflation, including in underlying price pressures.
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