The Bank of Canada discussed delaying a hike to its key overnight rate at the last meeting before deciding on a raise to ensure progress in dampening inflation did not stall, according to minutes published on Wednesday.
The bank announced a 25 basis point increase in rates to a 22-year-high of 5.0% on July 12. It also lifted its 2023 growth forecast and pushed back by six months to mid-2025 its expectations for getting inflation to its 2% target.
Read More : Bank of Canada Minutes Reveal Discussion on Delaying Rate Hike at Last Meeting