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May 9, 2002

Canadian Consul General's residence

Remarks David Dodge Luncheon at the Canadian Consul General's residence Chicago, Illinois
In Canada, the economic weakness that we experienced was really concentrated in the third quarter of last year, particularly in September. The terrorist attacks in September created a great deal of uncertainty, and so the Bank of Canada, like the U.S. Federal Reserve, provided an extraordinary amount of stimulus by aggressively lowering interest rates.