News

Since our October 2002 Monetary Policy Report, both core and total CPI inflation have been well above the 2 per cent inflation target. In this environment, inflation expectations have edged up.

Since the October 2002 Monetary Policy Report, both core and total CPI inflation have been well above the 2 per cent inflation target.

The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3 1/4 per cent.

The Board of Directors of the Bank of Canada today announced that, pursuant to Section 6 of the Bank of Canada Act, Paul Jenkins has been appointed Senior Deputy Governor of the Bank for a seven-year term.

It has not been an easy year. All of you have been running companies and making decisions under very uncertain conditions. You have had to deal with corporate and accounting issues. Markets have been volatile. And geopolitical events have shaken confidence.