Bank of Canada's governing council considered the merits of waiting until July 24 to cut rates, as indicated in the minutes of the meeting. Other risks discussed include rate cuts leading to an overheated housing market, strong wage growth, and weak productivity pushing up service price inflation. Members agreed that more cuts could be expected if progress continues, with policy easing likely to be gradual. They also discussed the risks around the inflation path, such as households renewing mortgages at higher rates in 2025.
BoC considered holding off rate cuts until July, summary says https://t.co/B4X6Of9Er8
Bank of Canada officials discussed whether to wait until July to cut interest rates, in order to confirm inflation is still on track to reach the central bank’s 2% target https://t.co/K2gyZpEMIE
⚠️ AHEAD OF BANK OF CANADA'S JUNE 5 RATE ANNOUNCEMENT, GOVERNING COUNCIL CONSIDERED MERITS OF WAITING UNTIL JULY 24 TO CUT RATES - MINUTES OF MEETING **BOC MINUTES: WHILE MEMBERS RECOGNISED RISK THAT PROGRESS ON INFLATION COULD STALL, THERE WAS CONCENSUS INDICATORS SHOWED…
BoC Members Agreed Reasonable To Expect More Cuts If Progress Continues, Policy Easing Likely To Be Gradual - Minutes - Agreed Policy 'Not Close' To Limit Of Divergence From Fed - Members Considered Waiting Until July To Cut Rates - Four Months Of Core CPI Easing Warranted June…
BOC MINUTES: AHEAD OF THE BANK OF CANADA'S JUNE 5TH RATE ANNOUNCEMENT, THE GOVERNING COUNCIL CONSIDERED THE MERITS OF WAITING UNTIL JULY 24TH TO CUT RATES.
BOC MINUTES: MEMBERS SPENT CONSIDERABLE TIME DISCUSSING RISKS AROUND INFLATION PATH, SUCH AS LARGE NUMBER OF HOUSEHOLDS RENEWING MORTGAGES AT HIGHER RATES IN 2025.
BOC MINUTES: OTHER RISKS INCLUDE RATE CUTS LEADING TO AN OVERHEATED HOUSING MARKET, STRONG WAGE GROWTH AND WEAK PRODUCTIVITY PUSHING UP SERVICE PRICE INFLATION.
AHEAD OF BANK OF CANADA'S JUNE 5 RATE ANNOUNCEMENT, GOVERNING COUNCIL CONSIDERED MERITS OF WAITING UNTIL JULY 24 TO CUT RATES - MINUTES OF MEETING
BOC MINUTES: WHILE MEMBERS RECOGNIZED THE RISK THAT PROGRESS ON INFLATION COULD STALL, THERE WAS CONSENSUS INDICATORS SHOWED ENOUGH PROGRESS TO WARRANT A CUT.
BOC Minutes: Governing Council considered waiting until July to cut rates https://t.co/x71AgLttU6
BOC MINUTES: SOME MEMBERS WERE MORE FOCUSED ON THE DOWNSIDE RISKS TO INFLATION STEMMING FROM THE WEAK ECONOMY AND RESTRICTIVE MONETARY POLICY.