The C.D. Howe Institute’s Monetary Policy Council (MPC) today recommended that the Bank of Canada keep its target for the key overnight interest rate at 4.25% when it makes its next announcement on December 5.

The MPC is a panel sponsored by the C.D. Howe Institute to provide an independent assessment of the monetary stance most appropriate for the Bank of Canada as it seeks to achieve its 2% inflation target. Finn Poschmann, the Institute’s Director of Research, chaired this Council session.

The vote for an unchanged rate was all but unanimous: eight members called for an unchanged rate, and one called for a 25-basis-point decrease to 4%.