BoC Minutes: Governing council agreed near-term inflation was likely to remain elevated

Monetary Policy Members agreed to reiterate that monetary policy stance would be guided by BoC’s inflation forecast and risks around it. Inflation Members cited persistently high price of gasoline, said Iran conflict had raised market expectations for oil prices. Members saw a higher risk of inflation spreading to non-energy goods and services in Canada. Growth & Risks Members felt that the main risks to July economic forecasts had become more acute. Members felt general trade uncertainty had made growth prospects more uncertain.