BoC Minutes: Governing council members agreed policy interest rate was on the stimulative side
Importance
Level 1
- Agreed they would need to maintain optionality in setting monetary policy.
- Members felt threats to independence of Fed and other risks had made the world more turbulent and caused a resurgence in uncertainty.
- Uncertainty over the pace and scale of structural adjustment made growth, potential output, economic slack difficult to assess.
- Members see USMCA free trade deal review a downside risk to economic growth.
- Firms were reconfiguring supply chains, but structural adjustment will take time and could deepen sectoral supply-side impacts.
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