The Bank is now in the process of gathering and analyzing the full set of information on the global and the Canadian economies that will feed into our next interest rate decision, and into the Update. On our last policy announcement date in May, we decided to keep the target for the overnight rate at 2 1/2 per cent.
At that time, we indicated that global and Canadian economic developments had been unfolding broadly in line with our expectations and that our outlook for the Canadian economy through to the end of 2006 was unchanged from the one presented in our April Monetary Policy Report. The analysis in that Report is still relevant.