Some Bank of Canada governors saw likely need for higher rates

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Celebrating Wild Caraway: Taste of Nova Scotia's Restaurant of the Year | SaltWireOTTAWA - Some members of the Bank of Canada's policy-setting governing council saw the likely need for further interest rate hikes when they left borrowing costs on hold on Oct. 25, minutes published on Wednesday showed.

The BoC sets rates by consensus. The bank began providing minutes of the discussions this year and this is the first time they have shown a possible policy split within the council. In October, the BoC said the path to avoid a recession had narrowed, and it left the door open to more hikes. The bank increased rates 10 times between March 2022 and this July, with inflation peaking at more than 8% last year. Inflation in September was 3.8%, but the BoC says it will not come down to target until end-2025.

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