C.D. Howe Institute's Monetary Policy Council Calls for Bank of Canada to Raise its Benchmark Interest Rate Target to 3.25 Percent

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    TORONTO, July 10 /CNW/ - The C.D. Howe Institute's Monetary Policy
Council (MPC) today recommended that the Bank of Canada raise its target for
the key overnight interest rate to 3.25 percent at its next announcement on
July 15. 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.

For further information:

For further information: Contact: Kristine Gray - phone: (416) 865-1904;
e-mail: kgray@cdhowe.org

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