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

TORONTO, Oct. 17, 2013 /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 the Bank targets for monetary policy purposes, at 1.00 percent at its next announcement on October 23, 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 October 2014.

The MPC is a panel sponsored by the C.D. Howe Institute to provide an independent assessment of the monetary stance appropriate for the Bank of Canada as it aims for its 2 percent inflation target. William Robson, the Institute's President and Chief Executive Officer, chaired the Council's 81st meeting.

For the full report go to: http://www.cdhowe.org/mpc-recommendations-oct-2013/23171

SOURCE: C.D. Howe Institute

For further information:

Kristine Gray
Executive Assistant to the Vice President, Research and Senior Coordinator, Research
C.D. Howe Institute
Phone: 416-367-2606
Fax: 416-865-1866
Email: KGray@cdhowe.org

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