There is much more at stake than just inflation.  Monetary policy has essentially been negated as an instrument of policy for about 3-4 years now.  When rates are this low, reductions have virtually zero stimulus effect.   Also, the Canadian dollar is too low.  We need a 80-85 cent dollar for proper balance in the economy.  And of course, any signal that house price increases are not inevitable would be welcome.  Finally, higher interest rates would help people who rely on interest-earning investments.