- Members agreed that the economy was weak; it was still operating in excess supply and there was slack in the labour market
- The economy was not clearly in recession
- Data suggested that not a great deal had changed since the Council’s last decision in April
- Flags rate cuts if US imposes new trade restrictions, hikes if energy-driven inflation spreads
- Members were of the view that, outside of energy prices, inflationary pressures were generally contained
The Bank of Canada told us all this at the post-decision press conference.
