TORONTO, Oct. 15, 2015 /CNW/ - The C.D. Howe Institute's Monetary Policy Council (MPC) today recommended that the Bank of Canada keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 0.50 percent at its next announcement on October 21, 2015. Looking ahead, the Council called for the Bank to hold the target at 0.50 percent through to April of 2016 and hike it to 0.75 percent by October of 2016.
The MPC provides an independent assessment of the monetary stance appropriate for the Bank of Canada as it pursues its 2 percent inflation target. William Robson, the Institute's President and Chief Executive Officer, chairs the Council.
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SOURCE C.D. Howe Institute
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