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The Bank of Canada did not change their rates this morning, as expected.
The Bank’s announcement speaks to the changes in their position on Canada’s growth and that of the global market. Mr. Carney clearly comments that “the global economic recovery is entering a new phase.” “The economic outlook for Canada has changed. The Bank expects the economic recovery to be mor gradual than it had projected”.
Their forecast is for inflation to remain within acceptable ranges throughout 2011. This is certainly a change from their position expressed in their last announcement. Overall, it reflects a much more cautious outlook on the economy
The next Bank of Canada Announcement is scheduled for December 7, 2010.
Bank prime is 3.0%
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P.S. If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice.
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19
Oct
Bank of Canada Announcement
Posted by: Cory Kline