To sum up, the Canadian economy has been hit by a historic shock, which has demanded a historic policy response. The early signs from the reopening phase are positive, but we expect the recuperation phase to be bumpy and protracted. As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support.
The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.