today announced that it is maintaining its target for the overnight #rate
at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.
Summary of report:
is evolving broadly as expected.
-- The dynamics of the global #economy
are broadly as anticipated in the Bank’s October Monetary Policy Report (MPR), with diverging economic prospects and shifting terms of trade.
-- Prices for oil and other commodities have declined further and this represents a setback for the Canadian economy.
-- The Bank projects Canada’s economy will grow by about 1 1/2 per cent in 2016 and 2 1/2 per cent in 2017.
-- All things considered, therefore, the risks to the profile for inflation are roughly balanced.