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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its
2 B% l0 d2 [. CJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
0 t) t! U* y4 W) i, `solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing- l' W6 C3 o. @1 Q: ]6 [8 c
challenges associated with sovereign and bank balance sheets will limit the pace of the European
( D! @* Z- [% B6 Crecovery and are a significant source of uncertainty to the global outlook. Robust demand from' N) T, d- C/ n' b7 V) x! |
emerging-market economies is driving the underlying strength in commodity prices, which could3 @' ^# Z/ f6 |
be further reinforced temporarily by supply shocks arising from recent geopolitical events.' _0 R! D; a; Y. l
+ u+ K1 E% a" } r. D* z# ~1 }% |The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of Z/ a& I9 G4 H6 a( n+ }6 D1 v; m
the anticipated rebalancing of demand. While consumption growth remains strong, there are
" c) F4 z! X, ^7 ^" [; _signs that household spending is moving more in line with the growth in household incomes.
4 Y' Y/ A% m% N* i$ K+ }) t0 dBusiness investment continues to expand rapidly as companies take advantage of stimulative
$ |0 ~' I: z- ?financial conditions and respond to competitive imperatives. There is early evidence of a
, R' S6 K2 N! R7 h* @recovery in net exports, supported by stronger U.S. activity and global demand for commodities.; Q( \" }* P! U# w* y' s
However, the export sector continues to face considerable challenges from the cumulative effects( {) ?3 W, e$ F( k
of the persistent strength in the Canadian dollar and Canada's poor relative productivity" J5 ~2 W! b5 x
performance.4 I; A( B5 x) E2 o/ m
) f% D" x4 j1 k. M3 YWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
2 O; J# O% H$ A% `9 CBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
, \8 F& l1 W/ ~# h) x' K& B. w! t0 dconsiderable 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 C9 Z0 p0 b$ [( ]8 Q1 K5 x( Iat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
: y' f J3 o3 I6 U8 _, G# i Y2 per cent inflation target in an environment of significant excess supply in Canada. Any further
/ c7 i) b$ l9 c. b5 wreduction in monetary policy stimulus would need to be carefully considered.
( K+ {+ q3 F3 RInformation note:
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* }4 W( U1 T! A, F$ D; f% cThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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