The Bank of Canada (BoC) is an inflation-targeting central bank and aims to keep inflation at the mid-point of the 1-3% inflation band. The BoC cut rates sharply at the beginning of the credit crisis and gradually reached its effective lower bound of 0.25% in mid-April 2009 where it intends to remain until late 2010. The better credit conditions in Canada than in the U.S. have enabled the BoC to avoid a move into active quantitative easing and have allowed it to begin unwinding some of its temporary liquidity facilities. In June 2010 it began raising interest rates from the emergency level of 0.25%, the first G7 central bank to do so. A strong Canadian dollar and continued slack in the domestic and global economies should dampen inflation in 2010.