Bank of Canada minutes released Wednesday said policymakers left the policy rate
at 2.25% on June 10 — the fifth straight pause — citing a weak economy and
little evidence that recent oil-price increases have passed through to other
goods and services. Six senior decision-makers led by Governor Macklem agreed
the hold balanced upside inflation pressure against economic weakness; the
minutes noted Canada has unexpectedly recorded two consecutive quarters of
contraction. The minutes said: In responding to rising inflation, the Governing
Council neither wants to overreact nor underreact.
