The economic data received through last winter and spring were broadly consistent with this scenario, and the pace of monetary easing was set accordingly. BIS Review 79/2001  1  By mid-summer, however, evidence began to accumulate that the U.S. slowdown would be more protracted than anticipated and that economic activity outside North America would be much weaker.
At the same time, there were indications that domestic demand in Canada, which had held up well through the first part of the year, was softening. In view of these developments, at the time of our last fixed announcement date, on 28 August, we revised down our expectations for economic growth in the period ahead.