The Globe and Mail reports from its Thursday, April 2, edition that a summary of the Bank of Canada governing council's March 18 deliberations on how to address rising inflation from spiking energy prices while Canada's economy underperforms was released Wednesday. A Canadian Press dispatch to The Globe reports that rising inflation often leads to higher policy rates, while sluggish growth prompts rate cuts. Governor Tiff Macklem said at the rate decision last month that this puts the BOC in a "dilemma," unsure of which direction to take the key rate next. The governing council expressed concerns about rising inflation expectations due to increased gas costs and ongoing grocery price hikes after the pandemic's inflationary period. Members noted that a weaker economy might hinder corporations from passing on higher costs from the oil supply shock to customers, potentially limiting inflation rise. With inflation showing signs of stability before the Middle East conflict, the governing council felt they had "some flexibility" to wait and see the duration of the Iran war before adjusting interest rates. The governing council said was going to "take a risk management approach to monetary policy."