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OTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
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: @. J; {# j; kThe global economic recovery is proceeding broadly in line with the Bank's projection in its
% f- [% p" z& ?1 G7 c& J2 SJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
" j4 P% R5 {& P' E/ ^0 B* zsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
, [2 C/ Y- T3 s, Gchallenges associated with sovereign and bank balance sheets will limit the pace of the European' F, ?% h7 ]( V/ h, X+ A ~( I
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
) U2 q/ w: |; u+ Oemerging-market economies is driving the underlying strength in commodity prices, which could
9 t U6 i) S/ p8 W. M8 X: ?be further reinforced temporarily by supply shocks arising from recent geopolitical events.* k0 W/ O4 r% g" P- @
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of y+ C3 i8 A$ g. `* S* D- W! s
the anticipated rebalancing of demand. While consumption growth remains strong, there are
: B# E7 o7 ^1 }0 tsigns that household spending is moving more in line with the growth in household incomes.
4 U5 g! b1 A+ m% s8 g6 }3 }3 HBusiness investment continues to expand rapidly as companies take advantage of stimulative# i1 ?; t3 u4 b3 ~- X
financial conditions and respond to competitive imperatives. There is early evidence of a* t5 t* Z+ J' [$ i7 I5 i
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
8 x+ ?, v" }; T( A, kHowever, the export sector continues to face considerable challenges from the cumulative effects
8 C! [" A, ~0 ~9 U3 S8 j6 i" bof the persistent strength in the Canadian dollar and Canada's poor relative productivity
1 ?6 B) e* u5 T. P# Yperformance.# B+ G8 G# G, H7 X* o
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
& W; I/ b2 f( X5 uBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the) w0 R) ^& y; y @( y) a9 z
considerable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
}5 u* Y4 g8 h+ w2 {# e6 Pat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the: [+ u9 F2 t. x: ~
2 per cent inflation target in an environment of significant excess supply in Canada. Any further8 V0 O6 ^8 b, q* G- o3 ~- ]* b
reduction in monetary policy stimulus would need to be carefully considered.# v! B x8 B) V6 ~6 U+ P% u
Information note:2 ]& @4 D2 z U3 s9 C
6 K% B9 I, T+ }$ s! |6 ]) WThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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