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Also of interest Wednesday is that the bank is putting into practice a new format for the interest rate decision and monetary report. In the past, the releases were issued separately over two days, but they are now being telescoped into one announcement. ET.

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It is no mystery that the Bank of Canada governor will keep the key interest rate moored at one per cent on Wednesday, but some fancy footwork is required to account for how the central bank policy team could have been so off about the economy in the past year.

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Wednesday is the first opportunity media will have had to question the governor on recent revelations he had been courted by Liberals to take a run at the leadership contest, and had vacationed at Liberal finance critic Scott Brison cottage during the summer.

Given the enormous uncertainty in the world, economic forecasters should be prepared to eat some humble pie, says Derek Holt, vice president of economics with Scotia Capital.

But the Bank of Canada forecasts require a double helping.

Bank of Canada Governor Mark Carney speaks to the CFA Society Toronto on global and Canadian economies and the stability of the global financial system in Toronto on Tuesday, Dec. 11, 2012. THE CANADIAN PRESS/Nathan Denette

All Mr. Carney needs to do, is spend a bit of time in any small town north of the 407 to feel the pain of the recession. See the closed factories and talk to the people. Then maybe he might be a Nike Air Max Tavas Trainers 705149-009

wasn much better, sticking with the growth story this time 2.5 per Nike Air Max Thea Black cent for the fourth quarter of 2012 when now it looks 1.5 would have been a stretch.

´╗┐Bank of Canada to release monetary policy report

On Wednesday, when it releases its winter monetary policy report, the bank will almost certainly the downward revision game, to use Holt characterization, not only looking backwards, but likely on its 2.3 per cent expectation for 2013.

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TD Bank chief economist Craig Alexander says there is justification for dropping that tightening bias, but with Canadians over their heads in debt, Carney is unlikely to signal any weakening of resolve.

Still, on the policy front, many expected Carney to stick to his guns, both in resisting further cuts to interest rates to stimulate the economy, and even in maintaining guidance to markets that the next move, whenever it comes, will bring higher rates.

Observers also expect Carney to face a different mood when he meets journalists later in the morning.

game for the next year or two. July, the bank missed the sharp slowdown in the third quarter as it was occurring, predicting a solid two per cent expansion despite the undershoot in the first half of the year. The October analysis Air Max Thea Tan For Sale

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little less optimistic about the growth of this country. Talk to recent university grads who can get a job in their field and are waiting tables. 55 year olds whose factories have closed and can even get an interview anywhere. Where do these guys get their information from to estimate growth. Bay Street???

Earlier this month, senior deputy governor Tiff Macklem acknowledged publicly that the economy hasn been as strong as the bank anticipated.

think they recognize the softness we seen, but I think they be more upbeat about what lies ahead. Porter notes that the bank will need to make a major revision to come near his own projection of weak 1.7 per cent growth through 2013.

The puts the bank in the position of to play the downward revision Air Max Tavas Black

of the view that the bank has fairly persistently been too optimistic on growth over its forecast horizon, and not just recently, he said.

markets have been debating whether the bank could drop the forward looking language but I still think they leave it in place and the main reason is the bank is still concerned about imbalances in the Canadian economy from consumer debt, he explained. and China, the world two largest economies, appear to be gathering steam, said Doug Porter of BMO Capital Markets.

THE CANADIAN PRESS/Nathan Denette

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The bank governing council has also underestimated the downward slide of inflation.

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The latter raised questions about whether Carney had breached conflict of interest guidelines in accepting a gift, but the bank ruled the stay was of a personal nature and not part of his duties as governor.

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