BOC Minutes: Conditions should materialize for cuts in 2024 but ideas on timing differed

• 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

This article was written by Adam Button at www.forexlive.com.