It is now at 2 ¾ per cent— a full 3 percentage points lower than at the beginning of the year. This action aims to further support economic growth in Canada and to keep inflation close to our 2 per cent target over the medium term.
I do not have to tell you that, because of the many unknowns in the global economic environment, and because of the uncertainty surrounding domestic demand in Canada, we will continue to monitor developments very closely.