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July 17, 2008

The Bank of Canada released their Monetary Policy Report today highlighted that at present the risks to growth vs. inflation remain balanced.  The bank sees headline inflation heading towards 4%; while the core rate, the central bank’s preferred method of measuring consumer inflation is expected to stay below their 2% target.  The report also disclosed their expectations for Q2 growth which is anticipated to be stronger than previously expected, a welcomed outcome when compared to the surprise contraction in Q1.  The Canadian dollar declined 0.4% against the U.S. dollar in reaction to the bank’s report.