As anticipated the Bank of Canada has held its target for the overnight rate at 1%. This means there will be no change to Prime Rate at this time.
In addition to the rate announcement, the BoC downgraded economic expectations and stated that the economy will be back to full capacity by the end of 2012 vs. its previous prediction of the beginning of 2012. The prediction of total CPI and core inflation to reach the desired 2% goal was also changed from the beginning of 2012 to the end of 2012.
To read the full Bank of Canada press release please click on the following link:
The Globe and Mail does a good job at reviewing the BoC’s decision:
Information provided by Marc Gobiel of TD Bank.
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