CANADA DATA: Bank of Canada held its overnight rate at 1.0% while
continuing to indicate “some modest withdrawal of the present
considerable monetary stimulus may become appropriate, consistent with
achieving the 2.0% inlfation target over the medium term.” Slowing
emerging market growth along with modest US expansion continues to
restrain economid activity. Despite the setback, the “underlying
momentum remains at a pace roughly in line with the economy’s production
potential,” the bank said. Growth is expected to pick up in 2013, with
consumption and business investment leading the way, reflecting very
stimulative financial conditions.
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