Bank of Canada Governor Tiff Macklem said Wednesday minutes from the Oct. 25 rate decision showing policymakers split over whether to hike again referred to a more forward-looking discussion, and there was agreement on the immediate decision to maintain the 5% the policy rate.

“There was a clear consensus to hold the policy rate at 5%,” he said at a press conference following a speech. “The consensus was, we should be patient.” (See: MNI INTERVIEW: BOC To Delay Rate Cuts And Move Slow- Alexander)

The minutes showed officials split on whether high-for-long rates would restore price stability or further tightening would be needed. The Bank's legislation makes the Governor alone accountable for policy but provides for deputies who work by consensus, and Macklem quipped that among the six-member Council he was on the side of the consensus. The minutes -- a new offering that began earlier this year -- don't come with a tally of policy votes.

The Governor also said that while he doesn't have to wait until inflation moves all the way back to target before the Bank cuts rates, there needs to be clear evidence price stability is being restored. Inflation has slowed but has also bounced around in recent months, he said, adding other recent indicators haven't been particularly strong. “We’re taking it one meeting at a time.”