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What the Bank of Canada didn’t say speaks volumes Add to ...

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There’s just one obstacle left in the road to the Bank of Canada’s first interest-rate increase since 2010, but it’s the biggest one of all: the gaping hole where inflation is supposed to be.

The central bank’s latest rate announcement issued Wednesday, as tame as it appeared on the surface (highlighted, if you can call it that, with the decision to hold the key rate unchanged for the 15th straight time), struck a notably upbeat tone for those well-attuned to the subtleties of central-bank-speak. While it was far from unqualified enthusiasm for Canada’s economic recovery, the brief statement quietly turned some of the bank’s most persistent frowns upside down.

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