The Bank of CanadaB次元官网网址檚 governing council expects its second straight outsized interest rate cut helped it turn a corner in its fight to tame inflation, but it is watching the economy closely amid weaker than expected growth.

The central bankB次元官网网址檚 summary of deliberations released Monday offers a glimpse into the councilB次元官网网址檚 discussions in the lead up to the Dec. 11 rate cut, which lowered its key interest rate by half a percentage point.

Members considered only cutting by a quarter-point, but ultimately brought the rate down to 3.25 per cent in a bid to bring it closer to its so called neutral rate, where it is neither slowing nor speeding up economic growth.

They noted that lower immigration targets are likely to weigh on economic growth next year and that tariff threats from incoming U.S. president Donald Trump are a B次元官网网址渕ajor new source of uncertainty.B次元官网网址�

Council members also said theyB次元官网网址檇 be considering further rate cuts, but would be taking a more gradual approach given the five consecutive cuts since June, and giving the economy time to respond to them.

The next rate decision and quarterly economic forecast are scheduled for Jan. 29.