The BOC Meeting meeting minutes are out for the April 29 meeting.
International economy Middle East war increased uncertainty, pushed oil prices sharply higher, and added to global inflation pressures
US economy remained relatively solid with resilient consumer spending and continued AI investment, although hiring stayed soft. China’s economy was viewed as relatively insulated near term, supported by strong exports. Euro area growth was expected to weaken due to higher energy costs and supply concerns.
Policymakers noted that financial markets had remained surprisingly resilient despite geopolitical risks. Commodity prices and financial markets Oil prices above $100 were a major focus, with the Bank assuming prices would eventually ease but acknowledging high uncertainty. Higher energy prices also lifted some commodity and food prices.