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Total and core inflation were projected to average close to 2 per cent, beginning in the second half of this year. This projection assumed oil prices at roughly US$64 per barrel, a level then indicated by futures prices. Our projection also assumed stable commodity prices, government spending that was growing roughly in line with revenues, and a Canadian dollar continuing to trade in a range of 85 to 87 cents U.S.

The Canadian economy continues to grow at a solid pace, supported by robust global growth, firm commodity prices, and strong domestic demand. At the same time, global competition and the past appreciation of the Canadian dollar continue to pose challenges for a number of sectors.

The Bank of Canada today released its April Monetary Policy Report (MPR), which discusses current economic and financial trends in the context of Canada's inflation-control strategy.

The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 4 per cent.

The Bank of Canada today expressed its satisfaction with the successful investigation by the RCMP and the Ottawa Police Service of an incidence of fraudulent activity related to a small number of Canada Savings Bond Payroll Savings Program accounts.