According to the Zhongtong Finance and Economics APP, on Thursday, Nicolas Vincent, Deputy Governor of the Bank of Canada, said that although the central bank's interest rate decision is based on consensus, this does not mean that all members of the management committee have completely consistent views on the future interest rate trend.

The six-member committee, including Governor Macklem, makes eight interest rate decisions each year, which are usually passed unanimously by all members.

Vincent pointed out in his speech in Sherbrooke, Quebec: "Consensus does not mean that all members of the committee hold the same views on the economic outlook or interest rate trend in the coming months." He explained, "This means that the members reached a consensus on the best decision at a particular moment."

As one of the six members, Vincent also mentioned that as new data and information emerge, the differences of opinion among the members will gradually decrease.

Vincent's speech revealed some behind-the-scenes details of the monetary policy decision-making process, reflecting the Bank of Canada's efforts to increase transparency.

Since the start of the easing cycle in June this year, the Bank of Canada has lowered the key policy interest rate three times in a row, currently to 4.25%.

The money market expects a close to 56% chance of another 50 basis point rate cut in October, and the market has fully anticipated another 25 basis point rate cut in December.

In recent years, as public dissatisfaction with rising interest rates and soaring inflation has intensified, the Bank of Canada has been striving to increase transparency, aiming to convey its decision-making logic more clearly.

However, Vincent also acknowledged that communication is not always that simple. He illustrated: "For example, in the July decision, we emphasized that the downside risks to inflation are becoming increasingly important in our discussions. Some misunderstood that we believed the downside risks had intensified."

He said: "In fact, what we wanted to convey is that as we strive to achieve the 2% inflation target, we are paying more attention to the risk of inflation falling below the target."