The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent.
The warning that I see in the statement today was,
“Meanwhile, inflation has moved further below the Bank’s 2 per cent target. Core inflation is being held down by significant excess supply and by the effects of heightened competition in the retail sector, which look to be more persistent than anticipated. In addition, total CPI inflation has been pushed down by lower gasoline prices.”
The Bank of Canada runs on a single mandate of inflation, therefore that will be a key number to watch.
After the realease the Canadain Dollar futures are ate 93.55 down 0.30 on the day.
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