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Bank of Canada Teases, but No Satisfaction
The Bank of Canada's statement yesterday steals whatever importance investors may have attributed to the acceleration of inflation in March. Headline CPI rose to 1.5% from 1.1% and the core rate rose to 1.3% from 1.2%. Governor Poloz indicated that the central bank would look past the near-term pick-up in inflation because it is likely a function of factors that may not be sustained, including the past decline in the Canadian dollar. The Canadian dollar is the worst performing major currency over the past six months, declining 6.6% against the US dollar. However, those losses were concentrated in the first half of ... (full story)