governing council agreed this month that interest rates would most likely only come down gradually, given the risks to the inflation outlook, minutes of the meeting published on Wednesday showed.
Governor Tiff Macklem said last Friday that while inflation was showing signs of cooling, the bank would want to see more signs of sustained progress before it could start cutting rates. The governing council noted steady progress on reducing both the overall rate of inflation as well as core measures, which strip out more the prices of more volatile items.
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