Whoo Hoo, no interest rate increases from our Amigos at the Bank of Canada.
Against a backdrop of robust global economic expansion and strong commodity prices, information received since the July Monetary Policy Report Update (MPRU) indicates that the Canadian economy is now operating further above its production potential than had been previously expected. The core rate of inflation, which has been above 2 per cent for the past year, was 2.2 per cent in August. Total consumer price inflation fell temporarily in August to 1.7 per cent, having been above the 2 per cent inflation target since the spring.
Good to know, and good to hear. Strong dollar and low(er) inflation is a good thing, and there is no need to increase interest rates (for now). Next time we will hear from these Monetary Mavens is on December the 4th, stay tuned, but enjoy the lower interest rates for now.