Bank of Canada Announcement

The Bank of Canada (“The Bank’) continued its longest interest rate pause since the 1950’s, standing pat for a 17^th consecutive meeting.

Today, The Bank left its main interest rate, the overnight rate, unchanged at one percent.

The Bank did soften its stand on raising interest rates, a shift that reflects an economic outlook that has deteriorated since the spring.

“Over time, some modest withdrawal of monetary policy stimulus will likely be required, consistent with achieving the 2 per cent inflation target,” the Bank of Canada said in its latest policy statement.

“The timing and degree of any such withdrawal will be weighed carefully against global and domestic developments, including the evolution of imbalances in the household sector.”

The Bank has scheduled its last interest rate announcements for 2012 on December 4^th.