- There were different views on how much more assurance was needed to be confident that inflation was on a sustainable path back to target
- Some members felt there was a risk of keeping policy more restrictive than needed
- Governing Council was split over when to cut rates
It's interesting that they're split as the market also appears to be 50/50 on cutting at the June meeting. Today's softer reatil sales report probably helped tilt them to a cut but the meeting is still six weeks away with much more data to come.
More:
- Felt rapid population increase and coming decline in non-permanent residents complicated outlook for activity and inflation
- Was more confident that inflation would continue to ease even as growth picked up
- Still more concerned about upside risks to inflation but viewed both upside and downside as less acute
