Bank of Canada statement highlights
- Repeats that "significant uncertainties" weighing on outlook
- Despite jobs growth, subdued wages and hours reflect persistent slack
- Three measures of core inflation continue to point to material excess capacity in economy
- Effect of higher energy prices will be temporary
- Q4 Canadian growth may have been slightly stronger than expected
- Exports continue to face competitiveness challenges
- Full text
- Prior full text
The statement was one of the shortest in recent memory.
The key line is at the end.
"The Governing Council judges that the current stance of monetary policy is still appropriate," it says.
Previously, it said. "The Bank's Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent."
So no change there.
On the Canadian dollar they referred back to the January MPR and said the loonie and bond yields remain near those levels.
Overall, they kept it brief and have kept a bid in USD/CAD. There is no press conference but the BOC's Wilkins speaks tomorrow.
