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The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent.
The global economy is expanding at a modest rate, as the Bank expected. Although growth in several emerging markets has continued to ease, growth in the United States during the third quarter of 2013 was stronger than forecast. Third quarter growth in GDP of 2.70% was higher than expected. The housing sector has been stronger than expected but is consistent with the favourable financing conditions. The Bank continues to expect a soft landing in the housing market. Inflation has moved further below the Bank’s 2 per cent target.
On balance and weighing the factors currently prevalent in the Canadian economy, the Bank judges that the substantial monetary policy stimulus currently in place remains appropriate and therefore has decided to maintain the target for the overnight rate at 1 per cent.
The next schedule date for announcing the overnight rate target is January 22, 2014.
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