The Bank of Canada will offer minutes from its policy-setting meeting this week for the first time in its history, a move some analysts say will help restore credibility lost last year amid soaring inflation and encourage out-of-the-box thinking.
Annual inflation shot to 8.1% in June, the highest in 39 years and four times the Bank of Canada's 2% target. In December, inflation slowed to 6.3%.
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. 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.
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.
Instead, Rosenberg said: "It's a PR job, with the bank saying, 'Look at us, we're becoming more transparent.'"
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