Bank of Canada holds rates, sees faster recovery

OTTAWA (Reuters) - The Bank of Canada held its key policy rate at 1 percent on Tuesday, but forecast a faster Canadian recovery than expected despite an increasingly worrying outlook for the global economy. Governor Mark Carney has held the central bank's rate unchanged for 16 months, the longest period without a rate change since the bank began targeting the overnight rate in 1994. A below-inflation 1 percent rate is providing considerable stimulus to the domestic economy, it says. "For the Bank of Canada, 2011 was the year of 'copy and paste' when setting the overnight rate. ...