Bank of Canada\u0027s rate hike minutes said the second rationale was \u0027the risk of inflation getting stuck somewhere above 2%\u0027. Find out more.
to 4.5 per cent, the highest level in 15 years, and became the first major central bank to say it would likely hold off on further increases for now. The council operates on a consensus basis and does not vote on policy decisions.Article contentsaid no further rate hikes would be needed if, as expected, the economy stalled and inflation fell. Inflation slowed to 6.3 per cent in December, still more than three times the central bank’s two per cent target.
“Council wanted to convey that the bar for additional rate increases was now higher” and to “give a clear sense that they would need an accumulation of evidence to determine whether further rate increases would be required” to return inflation to target. The Bank of Canada had stood out from its peers, including the United States Federal Reserve, the Bank of England and the European Central Bank, in not providing some form of record of their meetings.
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