Bank of Canada minutes: further rate hikes remain possible

The Bank of Canada's explicit refusal to rule out further hikes, even amid uncertainty, signals that policymakers are more concerned about inflation persistence than about growth risks. The emphasis on cost pass-through and energy feeding into inflation over the coming year suggests the central bank sees upside risks to its outlook, while the note that the labor market may be stronger than it appears adds to the case for caution. For rate-sensitive sectors, including crypto and other risk assets, the key question is whether this hawkish bias translates into action or remains a rhetorical option.