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Summary of Governing Council deliberations: Fixed announcement date of July 12, 2023
Governing Council began by discussing recent global economic developments. Overall, the global economy was stronger than had been expected at the beginning of the year. While growth had slowed, consumer and business spending was resilient, particularly in the United States. Headline inflation had fallen in most advanced economies largely because of lower oil prices and easing goods price inflation. Governing Council reflected on some common themes that were evident across advanced economies: Measures of core inflation had proven to be stubborn due to robust consumer demand, tight labour markets and elevated inflation ... (full story)
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BoC Governing Council Debated Not Raising Rates on July 12 and Waiting for More Evidence to Solidify Case for Another Hike- Minutes
— *seven (@sevenloI) July 26, 2023
BoC Minutes: Consensus Among Members Was That the Cost of Delaying Action Was Larger Than the Benefit of Waiting
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BOC MINUTES: THE GOVERNING COUNCIL MEMBERS AGREED THEY WERE PREPARED TO RAISE RATES FURTHER IF NEEDED, BUT DID NOT WANT TO DO MORE THAN THEY HAD TO.
— Breaking Market News (@financialjuice) July 26, 2023
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BOC MINUTES: THE GOVERNING COUNCIL ENCOURAGED BY THE DROP IN CPI INFLATION, BUT CORE INFLATION MEASURES SUGGEST THE RETURN TO 2% WILL TAKE LONGER THAN PREVIOUSLY FORECAST.
— Breaking Market News (@financialjuice) July 26, 2023
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BOC MINUTES: THE GOVERNING COUNCIL WAS CONCERNED THE PROGRESS TOWARD PRICE STABILITY COULD STALL, AND INFLATION COULD EVEN RISE AGAIN IF UPSIDE SURPRISES MATERIALIZE.
— Breaking Market News (@financialjuice) July 26, 2023