this post was submitted on 03 Dec 2023
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I think the implication is that it's not enough evidence to cut rates, and so they will continue to plan to hold rates where they are.
They're trying to thread the needle, raise rates to reduce inflation without causing a massive recession.
Over the last few months (a year?) They've raised interest rates a lot, to slow growth (read: fight inflation and reduce job creation).
People are screaming about interest rates being too high, and fretting that they won't be able to afford their mortgages. (Real valid concerns).
Canadians generally want the rate hikes to end and reverse. The bank has signaled that this may be possible
The recent report of job creation is a signal that the rate hikes aren't slowing growth as much as they planned.
A lot of job growth would mean the BoC would continue to raise rates. Significant Job losses would mean rate cuts.
All this to say that I think your comment got it backwards. It's not that is not enough evidence to cut rates, it's that it's not enough evidence to raise rates. They continue to hold them where they are for now.
Ah, that would never more sense.