Bank of Canada Key Monetary Policy Variables

The following table details some of the key monetary policy indicators the Bank of Canada watches to monitor pressures in the Canadian economy.

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                          Sept.   Aug.    July    June     May    April   March
                          2011    2011    2011    2011    2011    2011    2011
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                          ----------- Inflation Control Target -----------
Total CPI 12-mth YoY%       3.2%    3.1%    2.7%    3.1%    3.7%    3.3%    3.3%
Core CPI 12-mth YoY%        2.2%    1.9%    1.6%    1.3%    1.8%    1.6%    1.7%
                          --------------- Policy Instrument --------------
Overnight rate target      1.00%   1.00%   1.00%   1.00%   1.00%   1.00%   1.00%
Overnight rate           0.9989% 0.9977% 0.9986% 0.9981% 0.9967% 0.9970% 0.9944%
                          -------------- Monetary Conditions -------------
90-day com. Paper rate     1.15%   1.15%   1.17%   1.17%   1.19%   1.19%   1.18%
CERI                     118.84  120.44  123.81  121.19  122.30  123.71  121.74
--------------------------------------------------------------------------------

================================================================================
                          Sept.   Aug.    July    June     May    April   March
                          2011    2011    2011    2011    2011    2011    2011
================================================================================
                          -------------- Monetary Aggregates -------------
M1+ YoY%                    n/a     8.0%    7.9%    7.8%    7.2%    8.5%    9.0%
M1++ YoY%                   n/a     7.3%    6.9%    7.0%    6.6%    7.7%    8.3%
M2++ YoY%                   n/a     n/a     4.7%    4.7%    4.7%    4.9%    4.9%
                          ------------- Inflation Indicators -------------
Yield spread               1.95%   2.22%   2.51%   2.49%   2.51%   2.69%   2.59%
CPI ex food, energy & tax   1.8%    1.4%    1.1%    0.7%    1.2%    1.0%    1.3%
CPIW                        2.3%    2.1%    1.9%    1.8%    2.1%    1.7%    1.8%
Unit labor costs YoY%       n/a     n/a     n/a     2.6%    2.6%    2.2%    2.8%
IPPI                        n/a     2.9%    2.1%    2.5%    2.3%    3.0%    2.1%
Average hourly earnings
 YoY% of permanent worker   1.6%    1.5%    1.2%    2.0%    2.2%    2.4%    2.6%
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NOTE: All percentage changes are year-over-year unless otherwise stated.

The Canadian-dollar effective exchange rate index (CERI) is a weighted
average of bilateral exchange rates for the Canadian dollar
against the currencies of Canada’s major trading partners.

The yield spread is between conventional and Real Return Bonds.

CPIW: Adjusts each of the CPI basket weights by a factor that is inversely
proportional to the component’s variability.





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Marco Babic at  mbabic@bloomberg.net



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