Bank of Canada officials seemed unfazed by the surprise economic decline in Q1 - BNN Bloomberg
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Article Excerpt
OTTAWA — Officials at the Bank of Canada were seemingly unfazed by economic weakness to start the year as they debated where to take the policy interest rate earlier this month.
The central bank today released a summary of the deliberations that led its governing council to hold the policy rate steady at 2.25 per cent for a fifth consecutive time on June 10.
Officials acknowledged in the summary that they were surprised the Canadian economy posted a slight contraction in the first quarter of the year. The Bank of Canada had forecast a 1.5 per cent annualized growth rate in real gross domesti…
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