Monetary Policy Report Update - February 2001

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On 23 January, the Bank reduced the Bank Rate by one-quarter of one percentage point to 5 3/4 per cent.* This action was taken in light of the implications of developments described below for the future trend of inflation in Canada.

In its November Monetary Policy Report, the Bank’s projection was for continued solid global economic expansion but with a noticeable slowing in 2001, particularly in the United States.