No surprise here, but the Bank of Canada yet again left the overnight rate target at 1 per cent. It has been at this level since the fall of 2010 and doesn't look like it will be moving anytime soon. In an article published by the CBC, they note that this low rate environment:
"has kept borrowing costs at historically low levels in Canada and contributed to one of the hottest housing markets in the industrialized world in the years following the recession."
In the same article, I was very pleased to see the word penultimate used - I learned the meaning of penultimate in grade seven, it means second last - it is one of my favorite words... anyway. Here is another link to a video on the CBC website, I would have embedded it on this page, however the CBC is kinda lame and still use a flash player without an embed code.
The next scheduled date for announcing the overnight rate target is May 29th 2013 - it is in my calendar and at that time I promise to bring you another bold and exciting rate update, where I am pretty sure nothing will have changed.