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The most telling element of this morning’s Bank of Canada’s policy statement may not be so much the words, as where the central bank has chosen to put them.

The statement’s paragraph on its inflation outlook, which has resided in the bottom half of the statement for literally years in the bank’s eight-times-a-year policy statement, is now at the top. Second paragraph, right after the deeply unsurprising headline news that the bank has maintained its policy interest rate at 1 per cent for the 27th straight time (it last changed in September, 2010).

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