Friday, August 15, 2008

RBC comments on Bank of Canada on hold until early 2009

Bank of Canada on hold until early 2009

The Bank of Canada left the policy rate at 3% in early June and again in July and focussed its attention on the upside risks to the

inflation outlook.

With energy prices staying high, the headline inflation rate is likely to rise to the top of the Bank of Canada's target band.

The economy is set to rebound in the second quarter after the modest contraction in real GDP in the first quarter but will still post

only moderate growth this year, thus increasing the amount of spare capacity in the economy and alleviating some of the upward

pressure on prices.

The next move by the Bank of Canada is likely to be a rate hike in early 2009 as the economy's growth momentum builds going

into 2009.

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