Although the median vote of Council members was for no change in the overnight rate target at the upcoming announcement and the April announcement, three of the 11 members attending the meeting wanted a hike to 4.75 next week, and two of those members wanted a further hike to 5.00 percent in April. [...] Three Council members called for the Bank of Canada to accelerate the reduction, two of them noting that nothing will mature between now and April 12th, and one emphasizing that the Bank of Canada should sell its holdings of real-return bonds. [...] With respect to the group’s confidence that inflation will return to target over the timeframe projected by the Bank of Canada – that is, by the end of 2024 – much of the discussion centered on the reliability of various CPI measures. [...] Differing judgements on these questions help explain why some members continued to look for an overnight rate as high or higher than it is now through the end of the year, while the majority expected that falling inflation would lead the Bank to cut the overnight rate target by March of 2024. [...] Williamson Western University 4.50 4.50 4.25 4.00 Maintain Median Vote 4.50 4.50 4.50 4.25 N/A The views and opinions expressed by the participants are their own and do not necessarily reflect the views of the organizations with which they are affiliated, or those of the C.
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