Bank of Canada mulled later timing for October rate cut, deliberations show

OTTAWA — The Bank of Canada's governing council was on the same page about the need to lower its benchmark interest last month — but the exact timing of the cut was up for debate.

The central bank on Wednesday released the summary of deliberations from its decision two weeks ago to lower the policy rate by a quarter point to 2.25 per cent in its second consecutive cut.

Those documents show council members felt the cut was warranted as a weak economy hampered by U.S. tariffs was expected to keep inflation around the Bank of Canada's two per cent target for the foreseeable future.

“While members agreed that a cut to the policy interest rate would be needed, they had a range of views about the timing of the cut,” the summary of deliberations read.

Waiting until a later decision would have