The post-war era was a period when there were still business cycles, but there was a long-asting and pretty robust secular expansion in economic activity and global trade, with relatively little instability. Granted, in Europe and Japan there was the rebuilding and “catch-up” after wartime devastation, which no longer needs to occur.
On each of the eight pre-set dates for interest rate action, the Bank would issue a press release that would give a brief assessment of the economic situation in Canada and explain why we chose either to change interest rates or to leave them unchanged.