The Financial Post reports in its Thursday, Feb. 8, edition that the Bank of Canada left the key overnight interest rate at 5 per cent last month but central bankers shifted their thinking to how long the rate would have to be at that level because they were persuaded enough has been done to bring inflation under control. The Post's Barbara Shecter writes that still, with core inflation of about 3.5 per cent and wage growth remaining elevated, the BOC's governing council did not see enough indications to lower the key overnight rate, according to a summary of their deliberations that led to the Jan. 24 hold decision. "The current stance of monetary policy was relieving price pressures, but more time was needed to restore price stability," the central bankers concluded, adding that members of the governing council were in agreement that interest rates appeared to be "sufficiently restrictive" to ultimately meet their inflation target. To justify a rate cut, the central bankers said they would need to see further evidence of progress toward price stability and clear downward momentum in underlying inflation, according to the summary of deliberations, released Wednesday.