C.D. Howe Institute's Monetary Policy Council Calls for Bank of Canada to Cut its Benchmark Interest Rate Target to 4.00 Percent

    TORONTO, Jan. 17 /CNW/ - The C.D. Howe Institute's Monetary Policy
Council (MPC) today recommended that the Bank of Canada lower its target for
the key overnight interest rate to 4.00 percent at its next announcement on
January 22. The overnight rate is a very short-term money-market rate that the
central bank targets for monetary policy purposes.
    The MPC is a panel sponsored by the C.D. Howe Institute to provide an
independent assessment of the monetary stance most appropriate for the Bank of
Canada as it seeks to achieve its 2 percent inflation target. William Robson,
the Institute's President and CEO, chairs the Council.
    To see how the MPC members voted, please go to www.cdhowe.org.

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For further information: Kristine Gray at (416) 865-1904

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