C.D. Howe Institute’s Monetary Policy Council Urges Bank of Canada to Hold Overnight Rate at 1.00 Percent
TORONTO, July 11, 2013 /CNW/ – The C.D. Howe Institute’s Monetary Policy Council (MPC) today recommended that the Bank of Canada maintain its target for
the overnight rate, the very short-term interest rate the Bank targets
for monetary policy purposes, at 1.00 percent at its next announcement
on July 17, 2013. The Council further called for the Bank to hold the
target at 1.00 through to early 2014, before raising it to 1.25 percent
by July 2014.
The MPC is a panel sponsored by the C.D. Howe Institute to provide an
independent assessment of the monetary stance most appropriate for the
Bank of Canada as it seeks to achieve its 2 percent inflation target. William Robson, the Institute’s President and Chief Executive Officer, chaired the
Council’s 79(th) meeting.
For the report go to: http://www.cdhowe.org/mpc-recommendations-july-2013/22239
SOURCE C.D. Howe Institute