Bank of Canada: Some members felt that it was more likely than not that rates would need to increase further

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The Bank of Canada released the summary of its deliberations of the October 25 meeting. At that meeting, the central bank kept interest rates unchanged. The document showed that “some members felt that it was more likely than not that the policy rate would need to increase further to return inflation to target.” While others viewed the most likely scenario as the current rate would be sufficient, “provided it was maintained at that level for long enough.”