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For additional information relating to this article, please contact:

Alexander Chute Economist
Tel: 902-424-5810Email: Alexander.Chute@novascotia.ca

September 06, 2017
BANK OF CANADA MONETARY POLICY

The Bank of Canada increased its target for the overnight rate by 0.25 percentage points to 1 percent with the Bank Rate rising to 1.25 per cent and the deposit rate at 0.75 per cent.

The Bank of Canada noted that the recent data has been stronger than expected and supportive of the Bank's view that growth in Canada is more becoming more broad-based. Solid employment and income growth have maintained robust consumer spending. Exports and business investment have also strengthened. Specific housing markets are cooling in response to policy changes. Economic growth will moderate during the second half of 2017. Geopolitical risks around international trade and fiscal policies are significant and are leading to a weaker US dollar against many currencies, including the Canadian dollar.

Inflation remains below the 2 per cent target as expected. Slight increases in total CPI and core measures of inflation are consistent with diminishing negative impact of temporary price shocks and the absorption of economic slack. However, excess capacity remains in the labour market with wage and price pressures still subdued.

The next Monetary Policy Report with an updated outlook for the economy and inflation will be October 25, 2017.

 

 

Bank of Canada



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