Macklem Jan 24
  • Agreed conditions for rate cuts should materialize in 2024 if economy evolves as forecast
  • Council members had differing views on when there would likely be enough evidence to judge if conditions for a cut were in place
  • Members also had differing views on how to weigh risks to inflation outlook
  • Indicators of underlying inflation suggested slow progress getting inflation down to target
  • Expressed concern that housing continued to pose upside risks to the inflation outlook
  • Saw nothing in data that would change their view that CPI inflation will remain around 3% in the coming months
  • While house prices continued to fall in Jan, recent strength in resales could translate into pickup in house prices and stoke shelter inflation
  • Strength in equity markets could provide a boost to consumer sentiment