The Bank of Canada will offer minutes from its policy\u002Dsetting meeting this week for the first time in its history.
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Other central banks including the U.S. Federal Reserve, the Bank of England and the European Central Bank already provide some form of record of their meetings.Article content Groupthink is where individuals overlook potential problems or new ideas in pursuit of a consensus. Last year central banks globally initially thought inflation would be “transitory,” or pass quickly.Article content
BoC Governor Tiff Macklem last year admitted missteps and promised more transparency. The glimpse into the policy meetings comes at a delicate moment, as the bank tries to steer the economy to a “soft landing” instead of a deep recession.Other market-watchers say releasing minutes is more an exercise in public relations than an effort to boost transparency.Article content
Instead, Rosenberg said: “It’s a P.R. job, with the bank saying, ‘Look at us, we’re becoming more transparent.'”.Conservative leader Pierre Poilievre, during his campaign to take over the party last year, blamed Macklem for letting inflation get out of hand and said he should be fired.Advertisement 6Now, everyone on the governing council “is singing from the same hymnal,” but the minutes could show they are not, said Kristina Hooper, Chief Global Market Strategist for Invesco, a U.S.
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