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BoC repeats cautious tone on future rate hikes

By REUTERS, , Updated: October 26, 2010 3:54 PM

BoC repeats cautious tone on future rate hikes

OTTAWA (Reuters) – The Bank of Canada repeated on Tuesday it would have to carefully consider any further rate hikes, given the uneven global recovery, a weak U.S. outlook and expected curbs on Canadian growth.

“At this time of transition in the global recovery, with a weaker U.S. outlook, constraints beginning to moderate growth in emerging-market economies, and domestic considerations that are expected to slow consumption and housing activity in Canada, any further reduction in monetary policy stimulus would need to be carefully considered,” Bank of Canada Governor Mark Carney said in the prepared text of his opening remarks to a parliamentary committee in Ottawa.

Carney and Senior Deputy Governor Tiff Macklem were appearing before the House of Commons Standing Committee on Finance.

Last week, the Bank of Canada held its benchmark interest rate steady at 1.0 percent, and said in its Monetary Policy Report that there was still considerable monetary stimulus in place.

(Reporting by Louise Egan and Jeffrey Hodgson in Ottawa and Ka Yan Ng and John McCrank in Toronto; writing by Jennifer Kwan; editing by Rob Wilson)


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