Bank of Canada Meeting Minutes: Increased uncertainty “does not mean” policy inaction. Further interest rate hikes may be necessary, promising to proceed “meeting by meeting”. The inflationary consequences of the pandemic are “still fresh to remember.” The risk that inflation will prolong and expand in scope has changed. The Management Committee agreed on the need to carefully assess how the economic situation will affect the outlook. The Management Committee acknowledged that inflation expectations may become more sensitive to recent price changes.

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