Bank of Canada Governor David Dodge corrects a misstatement he made in responding to a question yesterday relating to what he heard at the G-20 meeting about U.S. growth and how it might affect Bank of Canada projections.
Since the April Monetary Policy Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British Columbia.
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent.