The Bank of Canada has cut its Overnight Rate by 50 b.p. to 3.5%
The Bank of Canada’s Monetary Policy Committee has decided to lower its target fo the overnight rate by 50 basis points to 3.5%, the operating band for the overnight rate is now at 3,75%.
According to the Bank’s last monetary policy report, Canadian economy has grown as expected for the four quarters of 2007 with domestic demand performing very good and with commodity prices and high employment supporting income growth.
Canadian exports have weakened in the last month weighed by a strong Canadian Dollar, and a slowing down US economy, while Core and CPI inflation remain consistent with the Bank expectations growing 1.4 and 2.2% respectively in January.
The Bank affirms that US economy is facing a deeper slowdown than initially thought, as it seems having in account the further weakening of the residential housing market, which has already affected other sectors of economy.
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