BoC’s Summary of Deliberations: Expectations for rate cuts later in 2023 are not the most likely scenario
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The Bank of Canada’s Summary of Deliberations from the April 12th meeting when it kept interest rate unchanged, showed they discussed hiking rates. The document notes that inflation was declining in line with BoC Governing Council estimates. Officials agreed that expectations for rate cuts later in 2023 are not the most likely scenario.
“Governing Council agreed that while the new economic projection was similar to January’s, there was a sense that the economy was proving a little stronger than expected,” said the summary. Members were concerned that the current pace of wage growth is not consistent with getting inflation back to 2% without a substantial increase in productivity.
Members agreed that it was important to continue to signal that the central bank is prepared to tighten policy further if needed.
The USD/CAD pair dropped modestly after the minutes fell below 1.3620. It is flat for the day after surging on Tuesday from 1.3545 to 1.3647, reaching the highest level in a month.
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