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Strategies & Market Trends : Stocks Crossing The 13 Week Moving Average <$10.01
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To: James Strauss who wrote (12184)3/4/2003 9:26:34 AM
From: Bucky Katt  Read Replies (2) of 13094
 
Bank of Canada Raises Key Rate 25 Basis Points, Cites Inflation

Ottawa, March 4 (Bloomberg) -- The Bank of Canada raised its key lending rate to slow inflation, months after the U.S. Federal Reserve, the European Central Bank and the Bank of England lowered borrowing costs to spur growth.

The central bank raised its target rate for overnight loans between commercial banks a quarter point to 3 percent, and said further action will be required to control inflation. The median estimate of 22 economists polled Friday was for the Bank of Canada to wait until April 15 to raise rates because of the risk a war in Iraq would pare demand for exports.

Bank of Canada Governor David Dodge says he must focus on his own economy when setting rates and had promised to raise them, partly depending on signs of rising prices. His preferred inflation measure, which excludes eight volatile components such as oil, has exceeded the Bank of Canada's 1 percent to 3 percent target band for two of the past three months, the first time that's happened since the central bank adopted inflation targets in 1991.

``The level of economic activity in Canada remains near full production capacity,'' the Bank of Canada said in a statement. ``In these circumstances, the persistence of above-target rates of inflation has elevated the risk of an increase in inflation expectations.''
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