Ottawa | The Bank of Canada pledged to keep its benchmark interest rate at near zero until its 2 per cent inflation target is "sustainably achieved", adding to its suite of extraordinary policy measures an explicit commitment to keep borrowing costs at historically low levels for years.

At a policy decision on Wednesday (Thursday AEST), the central bank kept its overnight policy rate at 0.25 per cent, what it considers the lower bound, adding for the first time that it plans to keep it there until inflation returns to target. That would be beyond 2022, based on new forecasts the bank released separately.

Washington Post