On the face of it, the Bank of Canada has done absolutely nothing for nearly 4 years now, and most people think it won't do anything until sometime next year. The target of the overnight rate has stayed at 1% for a very long time.
This is very puzzling. I do not understand it.
But maybe the Bank of Canada has not been doing nothing for the last 4 years. Maybe it has been actively managing monetary policy by varying the length of its commitment to do nothing.