Bank of Canada officials have elaborated their thinking around the most recent monetary policy decision, which called an end to a 10-month tightening cycle.

Their statements included a “summary” of the January 25 governing council meeting, the first time the Bank of Canada has published records of its monetary policy deliberations.

At the January 25 meeting, the council decided to raise the rate by 25 basis points, to 4.5%, and signalled a pause to further rate increases.

The members of the