If true, interest rates will remain the same or lower, at least for the “medium” term (as the BoC puts it). Although many pundits are translating this wording into “through 2009.”
But, the BoC’s report isn’t all dovish. They do acknowledge risks that could push rates higher. Yesterday’s report, for example, states, “The main upside risk is that excess demand in the Canadian economy could persist longer than projected.”
In sum, however, their bias is still slightly “tilted” towards lowering rates.
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