C.D. Howe Institute's Monetary Policy Council Urges Bank of Canada to Hold Overnight Rate at 1.00 Percent

TORONTO, Feb. 28, 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 March 6, 2013. The Council further called for the Bank to hold the target at 1.00 through to March of 2014.

The MPC is a C.D. Howe Institute project that provides an independent assessment of the Bank of Canada's monetary stance as it pursues its 2 percent inflation target. William Robson, the Institute's President and CEO, chairs the Council.

For the report go to: http://www.cdhowe.org/mpc-recommendations-february-2013/20813

SOURCE: C.D. Howe Institute

For further information:

Kristine Gray kgray@cdhowe.org; 416-865-1904