TORONTO, Dec. 1, 2016 /CNW/ - The C.D. Howe Institute's Monetary Policy Council (MPC) today called for the Bank of Canada to keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 0.50 percent at its next announcement on December 7, 2016. Looking ahead, the Council said the Bank should hold the target at 0.50 percent over the next six months, and narrowly voted for it to stay there until December of 2017. The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada's 2 percent inflation target. William Robson, the Institute's President and CEO, chairs the Council. Council members make recommendations for the Bank of Canada's upcoming interest-rate announcement, the subsequent announcement, and the announcements six months and one year ahead. The Council's formal recommendation for each announcement is the median vote of the members attending the meeting. In the event that the median is not a multiple of 25 basis points, as occurred on this occasion for the December 2017 announcement, the formal recommendation is rounded in the direction of no change. To read the announcement, go to: https://www.cdhowe.org/council-reports/bank-canada-should-hold-overnight-rate-050-percent-next-year-cd-howe-institute-monetary-policy The C.D. Howe Institute is an independent not-for-profit research institute whose mission is to raise living standards by fostering economically sound public policies. Widely considered to be Canada's most influential think tank, the Institute is a trusted source of essential policy intelligence, distinguished by research that is nonpartisan, evidence-based and subject to definitive expert review.