A lengthy period of very restrictive monetary policy was ultimately needed to stem the high inflation and start the process of getting inflation down to the low and stable levels that were 2/3  BIS central bankers' speeches  the norm until the spring of last year. Our aim is to avoid that outcome by acting with resolve now.
Difference between the Canadian and US policy rates, daily data Percentage points 2  1  0  -1  -2 2007  2008  2009  2010  2011  2012  Sources: Federal Reserve Board via Haver Analytics and Bank of Canada  2013  2014  2015  2016  2017  2018  2019  Last observation: November 29, 2019  Notably, the global financial crisis played out differently in the two countries.