BOC minutes: Members were divided on whether rates would need to be hiked again

<ul><li>Some members of governing council felt it more likely than not that overnight rate would need to rise further</li><li>Other members felt 5% would likely be enough to bring inflation to target</li><li>There was a strong consensus that with increasing evidence of falling inflation, BOC should be patient</li><li>Agreed to revisit need for rate hike at future decisions, after seeing more data</li><li>The lack of downward momentum in underlying inflation caused considerable concern, could mean more time needed or that policy not restrictive enough</li><li>Agreed overall inflationary risks had increased</li><li>Persistence in core, elevated expectations, wage growth and atypical corporate pricing behaviour indicate high inflation is becoming entrenched</li></ul><p>These minutes have a hawkish bent to them but it's unlikely to help CAD.</p>

This article was written by Adam Button at www.forexlive.com.