Bank of Canada deliberates delaying rate hike amid inflation concerns, meeting minutes reveal
Governor Macklem noted that future policy decisions would be based on incoming data, inflation outlook
The Bank of Canada discussed delaying a hike to its key overnight rate at the last meeting before deciding on a raise to ensure progress in dampening inflation did not stall, according to minutes published on Wednesday.
The bank announced a 25 basis point increase in rates to a 22-year-high of 5.0% on July 12. It also lifted its 2023 growth forecast and pushed back by six months to mid-2025 its expectations for getting inflation to its 2% target. ---More...
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