Bank of Canada Officials Divided on Sustainability of Economic Rebound

The Bank of Canada's governing council was divided over the sustainability of recent economic growth, according to minutes from their July 15 rate decision. The central bank maintained its benchmark interest rate at 2.25 per cent for a sixth consecutive time.

Members were growing more confident in the economy during the second quarter, following a year of stagnant growth. Higher global oil prices and signs of recovery in the housing market contributed to this optimism.

However, there was no consensus on how long this rebound would last. Some officials were concerned about the underlying strength of the economy, while others saw it as a temporary boost.