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BOC Saw Danger In Extending Rate Pause- Meeting Minutes

CANADA
  • (MNI) Bank of Canada officials saw the economy running hot into the second quarter and a need to get ahead of persistent inflation pressure, according to minutes from the June 7 decision to end the pause of interest-rate hikes.
  • Officials discussed "the need to be forward-looking and not wait too long to ensure that monetary policy was restrictive enough," according to the six-page document released Wednesday from Ottawa.
  • "More recent data, particularly the increase in housing resales, suggested additional momentum in household sector demand. Growth in the second quarter was therefore viewed as likely to be stronger than forecast in the April Monetary Policy Report," the summary of deliberations showed.
  • Link to summary of deliberations: https://www.bankofcanada.ca/2023/06/summary-govern...

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