Posted by: youngragingbull | May 29, 2013

Bank of Canada stands pat, key rate still 1%

The Bank of Canada held its key interest rate at 1% on Wednesday.

The central bank said it decided to maintain that rate, the target for the overnight rate, given the “continued slack” in the economy, inflation outlook and imbalances in the household sector.

“The considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2% inflation target,” the Bank of Canada said.

Wednesday’s meeting marked the last under the helm of Governor Mark Carney, who will soon head the Bank of England.

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