TORONTO, Aug. 30 /CNW/ - The C.D. Howe Institute's Monetary Policy
Council (MPC) today recommended that the Bank of Canada maintain its target
for the key overnight interest rate at 4.50 percent when it makes its next
announcement on September 5. 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.
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