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Bank of Canada officials acknowledged their decision to cut interest rates by half a percentage point for a second consecutive meeting was a “close call,” with some policymakers initially tilting toward a smaller reduction in borrowing costs.

Senior Bank of Canada officials mulled a smaller quarter-point cut this month, arguing they could be patient amid encouraging signs that previous rate cuts are starting to spur a spending recovery, according to minutes released Monday by the central bank.

OTTAWA — The Bank of Canada's 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 decision by Bank of Canada governing council members to cut the policy rate by 50 basis points in December was a “close call,” according to minutes released by the central bank on Monday. In early December,