BANK OF CANADA SIGNALS RATES TO REMAIN ON HOLD EVEN LONGER

    The Bank of Canada kepts its key policy rate at 1% on April 17, 2013.  It has been unchanged at this level for more than 2 and a half years.

The Bank still expects growth to pick up later this year, but pushed the improvement further out into the second half of 2013.  For 2014, the Bank is forecasting growth of 2.8 per cent, up slightly for the previous forecast of 2.7 per cent, with similar grown of 2.7 per cent in 2014.

The bottom line remains that interest rates are going nowhere fast.  What's new is that they're not likely  to be going anywhere fast throughout all of 2014 either, particularly given that inflation expectations remain extremely well anchored.

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Harold Kewley

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