The Bank of Canada’s release of its deliberations concerning its latest interest rate decision shows how complex these considerations can be, according to an economist. 

On Wednesday, the Bank of Canada released its summary of deliberations, which details what led to its recent decision to pause interest rate hikes. The document outlines the careful wording the bank choose, as well as its concern that core inflation is not falling fast enough.

“We have some evidence of weakness, but a lot of transitory factors moving through and yet inflation is still proving very sticky, especially on the core measure and that’s the bind that the bank is finding itself in now,” Dylan Smith, a senior economist with Rosenberg Research, told BNN Bloomberg in a television interview Wednesday.

“I think the challenge in the data is that it’s not providing a very strong signal.”

Given the lukewarm tone of the bank’s latest deliberations, Smith suggests more rate hikes could be on the way.

“If we continue to see inflation stuck where it is and we see some amount of rebound in the growth numbers… then I think the bank [Bank of Canada] will need to follow through if only to solidify the strong signal that it’s sending that it’s not necessarily done,” he said.