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Bank of Canada felt uncertainty over rates did not mean inaction, minutes show
Officials said elevated oil prices and a resilient economy have increased the risk that inflation could become broad-based.
- On Nov. 10, The Bank of Canada released a summary of deliberations indicating policymakers might raise interest rates further despite considerable uncertainty about global economic headwinds.
- Governor Tiff Macklem led policymakers to raise the policy rate to 2.5% last month to combat persistent inflation fueled by Middle East conflict-driven energy prices.
- Statistics Canada data released last week showed the labour market loosened, though some members believed it remained stronger than headline numbers indicated. Governing council agreed CPI inflation would stay around 3% for over a year.
- According to the summary, the governing council "recognized that uncertainty did not mean inaction, but they agreed they would need to proceed carefully to assess how economic developments would affect their outlook."
- The Bank of Canada will announce its next borrowing cost decision on Dec. 9, with traders in overnight swaps putting the odds of a rate hike at about a coin flip.
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Winnipeg Free Press+9 Reposted by 9 other sources
Bank of Canada moving carefully, but further hikes might be needed: meeting summary
OTTAWA - The Bank of Canada’s governing council thinks it might need to raise interest rates further, but it's proceeding carefully, according to a summary of deliberations of its recent decision to raise its key policy rate for the first time since 2023.
·Winnipeg, Canada
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Bank of Canada moving carefully, but more hikes might be needed, meeting summary shows
The Bank of Canada’s governing council thinks it might need to raise interest rates further but it’s proceeding carefully, according to a summary of deliberations of its recent decision to raise its key policy rate for the first time since 2023. According to the report released Tuesday, the…
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Total News Sources14
Leaning Left6Leaning Right0Center4Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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