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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.. g1 `7 O g1 d' a8 G. z0 _
$ T8 _) y1 G/ }4 v8 WThe global economic recovery is proceeding broadly in line with the Bank's projection in its4 {: R2 p" V4 U) @# z
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is9 F. X* E7 [1 T6 d: f
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing5 Y0 y5 m# L( O6 j% ]" D
challenges associated with sovereign and bank balance sheets will limit the pace of the European( p0 n* h U) X
recovery and are a significant source of uncertainty to the global outlook. Robust demand from. Y7 x0 E% l$ G L* k1 p
emerging-market economies is driving the underlying strength in commodity prices, which could* E' D# j7 d- t' {
be further reinforced temporarily by supply shocks arising from recent geopolitical events.% T+ @$ B- R& q( J5 `3 p
6 @2 b% \ J7 @/ x( q' k4 XThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of6 A: K9 z7 E' N- d& V2 M Q- r
the anticipated rebalancing of demand. While consumption growth remains strong, there are+ E5 \: D3 d) r# S% _2 H
signs that household spending is moving more in line with the growth in household incomes.$ f* x) ?) i0 R7 r$ o+ u
Business investment continues to expand rapidly as companies take advantage of stimulative
3 h) q" u+ Q& ^, T2 |- |financial conditions and respond to competitive imperatives. There is early evidence of a5 W* F9 {, X8 {5 _
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.- }/ F+ u) v; P$ a+ ?3 y
However, the export sector continues to face considerable challenges from the cumulative effects. Q: r. t3 i4 E" t
of the persistent strength in the Canadian dollar and Canada's poor relative productivity( Y W- z4 w6 H( b# r
performance.
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" w$ w W! s) o7 [/ GWhile global inflationary pressures are rising, inflation in Canada has been consistent with the. Z- H9 h1 v5 n% R
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
8 m! L f. d! m5 Aconsiderable slack in the economy.
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3 Y0 T3 n4 V' j- w& p' EReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
; P- l3 A/ m7 E- t7 i1 oat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the: }0 z' Y* u- r; ?, P% D
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
7 R; P; ? h, V5 n; `reduction in monetary policy stimulus would need to be carefully considered.- o- h! b. n: M: P2 }8 A
Information note:
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0 ^" @. z- i: s8 OThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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