The summary of the debate that led to last month’s interest rate cut said governor Tiff Macklem and his deputies thought a “pickup in economic growth was needed to sustainably achieve the inflation target over the projection horizon,” marking a shift from the central bank’s obsession with crushing inflationary pressures. (The Logic)

Talking point: The summaries of the Bank of Canada’s policy meetings—published two weeks after the decisions themselves—are an opportunity for policymakers to add nuance to their thinking. The latest one states there was a “clear consensus” that rates should continue to come down, assuming inflation cools as expected. The outlook is uncertain, however, in part because Canada’s outsized population growth is making it difficult to assess the economy’s underlying strength. Members of the governing council had a “range of views” on the timing of future cuts, so they agreed they would take decisions one meeting at a time. The next one is Sept. 4.