BoC Minutes: Governing Council agreed to keep options open

Members acknowledged they would need to rely on judgment more heavily than usual.
Agreed, they would need to take a risk management approach to monetary policy.
Agreed, they could therefore take some time to see how the war in Iran evolved and what it meant for the outlook.
Felt they had some flexibility, given inflation was close to target and core measures suggested limited pressures.
Felt that in the near term, risks to growth looked tilted to the downside, while the oil price shock represented additional upside risk to inflation.
Felt higher gasoline prices, combined with still-elevated inflation essentials, could push up inflation expectations.
Acknowledged public perception of inflation remained high after the 2022 spike, and thar gasoline prices have a large impact on households’ assessment of inflation.