TORONTO, July 5, 2018 /CNW/ - The C.D. Howe Institute's Monetary Policy Council (MPC) called for the Bank of Canada to raise its target for the overnight rate, its benchmark policy interest rate, to 1.50 percent at its next announcement on July 11, 2018. Looking further ahead, the Council called for the Bank to hold the target at 1.50 percent in September, with further increases raising it to 2.00 percent by July of 2019.
The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada's 2 percent inflation target. Jeremy Kronick, an Associate Director, Research at the C.D. Howe Institute chaired the 120th Council's meeting. Council members make recommendations for the Bank of Canada's upcoming interest-rate announcement, the subsequent announcement, and the announcements six months and one year ahead. The Council's formal recommendation for each announcement is the median vote of the members attending the meeting.
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SOURCE C.D. Howe Institute
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