The Bank of Canada will remain in a holding pattern and likely follow the U.S. Federal Reserve’s path of reviewing its current inflation-targeting framework to protect the economy from the fallout of the coronavirus, a Reuters poll showed.
Just before the Fed’s landmark decision to change its approach towards inflation rate targeting, BoC Deputy Governor Lawrence Schembri said the ongoing pandemic would test public confidence in the central bank’s 2 percent inflation rate target due for a revision in December 2021 .