C.D. Howe Institute's Monetary Policy Council Calls for Bank of Canada to Lower its Benchmark Interest Rate Target to 1.00 Percent


    TORONTO, Jan. 15 /CNW/ - The C.D. Howe Institute's Monetary Policy
Council (MPC) today recommended that the Bank of Canada lower its target for
the overnight interest rate by 50 basis points to 1.00 percent at its next
announcement on January 20, 2009. 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.

    Independent, reasoned, relevant policy research
    Sign up for monthly E-wire updates at www.cdhowe.org/index.cfm

For further information:

For further information: Kristine Gray, Executive Assistant/Event
Financial Coordinator, C.D. Howe Institute, 300-67 Yonge Street, Toronto, M5E
1J8, Phone: (416) 865-1904 x241, Fax (416) 865-1866

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