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The Bank of Canada governing council is divided on whether interest rates need to increase to control inflation. Some officials argued for higher borrowing costs but agreed to be patient. European central bankers, including ECB President Lagarde, warned against quick rate cuts, citing inflation risks. They believe it's too early to consider lowering borrowing costs, and ECB's no. 2 official urged preparation for prolonged elevated interest rates. The ECB sees inflation risks and plans to keep the deposit rate at 4% to control inflation, with the possibility of raising borrowing costs if necessary.
