The bank held its policy steady at 5 per cent on Oct. 25 for the second rate announcement in a row, but warned that it could hike again
The Bank of Canada’s governing council is divided on whether more interest rate increases may be needed to bring inflation back under control, according to a summary of the discussions that took place ahead of the central bank’s latest rate decision.The summary of deliberations, published Wednesday, shows Governor Tiff Macklem and the bank’s five deputy governors remain concerned that high inflation is becoming entrenched and unsure whether they’ve tightened monetary policy enough.
The rare split among senior policy-makers highlights the challenge the Bank of Canada faces amid conflicting economic signals. Some of this revision is tied to higher oil prices. However, the governing council is more concerned about measures of core inflation, which strip out volatile price movements. Most core inflation measures have remained stuck between 3.5 per cent and 4 per cent for the past year.
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