FILE PHOTO: A sign is pictured outside the Bank of Canada building in OttawaOTTAWA, Sept 20 - The Bank of Canada wanted to send the message that interest rates would not be coming down soon when it left them at a 22-year high after a policy meeting earlier this month, minutes published on Wednesday showed.
A day later Governor Tiff Macklem said interest rates may not be high enough to bring inflation back down to its 2% target even after 10 hikes of a total of 475 basis points since March of last year. They "considered the possibility that their decision could be misinterpreted as a sign that policy tightening had ended and that lower interest rates would follow," the summary read.
The BoC emphasizes that core, or underlying inflation, has been sticky. Deputy Governor Sharon Kozicki said on Tuesday it was above a level consistent with achieving the 2% target.