Deputy Governor of the Bank of Canada: Members of the committee have differing opinions on the future interest rate path.

On Thursday, Deputy Governor of the Bank of Canada Nicolas Vincent stated that although the central bank's interest rate decisions are based on consensus, it does not mean that all members of the governing council have the same views on future interest rate trends. The six-member committee, including Governor Macklem, makes eight interest rate decisions each year, which are usually unanimous among all members. Vincent, speaking in Sherbrooke, Quebec, said, "Reaching a consensus does not mean that all members of the committee hold the same views on the economic outlook or interest rate trends in the coming months." He explained, "It means that members have reached a consensus on the best decision at a particular moment." As one of the six members, Vincent also mentioned that with new data and information emerging, differences of opinion among members will gradually diminish. Vincent's remarks revealed some behind-the-scenes details of the monetary policy decision-making process, reflecting the Bank of Canada's efforts to increase transparency. Since the start of the easing cycle in June, the Bank of Canada has cut its key policy rate three times in a row, currently to 0.25%. The market expects a 50 basis point rate cut in October with a probability of around 56%, and it is fully expected that there will be another 25 basis point rate cut in December. In recent years, as public dissatisfaction with rising interest rates and inflation has intensified, the Bank of Canada has been working to increase transparency, striving to convey its decision-making logic more clearly. However, Vincent also admitted that communication is not always easy. He gave an example, saying, "For example, in the decision in July, we emphasized that downside risks to inflation were becoming increasingly important in our discussion. Some misunderstood that we believed the downside risks had intensified." He said, "In fact, what we meant to convey is that as we strive to achieve the 2% inflation target, we are placing more emphasis on the risk of inflation falling below the target."