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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.5 i7 R; M. M! d/ b3 T
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The global economic recovery is proceeding broadly in line with the Bank's projection in its! }1 k; F' r, E! E9 c
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is! N" B+ U2 Z7 \% Y3 g) Z( ]# U
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing9 P& t0 ~( g0 R2 d% _3 N
challenges associated with sovereign and bank balance sheets will limit the pace of the European
/ \- G0 K; I4 G4 B! }2 ]( U+ n; precovery and are a significant source of uncertainty to the global outlook. Robust demand from
. d) z6 Z/ h+ A+ G: ^: L$ y/ O- i( Xemerging-market economies is driving the underlying strength in commodity prices, which could
: O; v4 G7 y7 O2 Gbe further reinforced temporarily by supply shocks arising from recent geopolitical events./ `( q( K y; F0 J( h$ ~8 j" ?+ o
9 X4 |4 t; q3 g0 }The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of$ P( t. g/ t" Y& V6 p" t4 Q9 D
the anticipated rebalancing of demand. While consumption growth remains strong, there are$ s- x$ e2 e$ E" P
signs that household spending is moving more in line with the growth in household incomes.& C+ `9 p: r9 X- b
Business investment continues to expand rapidly as companies take advantage of stimulative
8 k) ?! B" c' _# xfinancial conditions and respond to competitive imperatives. There is early evidence of a
: D) k% ]/ E. k* p) J: erecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
% z% h0 D3 P0 w3 e# p. IHowever, the export sector continues to face considerable challenges from the cumulative effects
; I) j+ n3 I% E( Iof the persistent strength in the Canadian dollar and Canada's poor relative productivity
$ s% A& @! z0 \performance.
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9 y9 u* i V; O5 \8 B7 Z: DWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
$ |. V/ g- A+ B) Y" G, P6 JBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
# q5 I ^4 l8 k& M! kconsiderable 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# u+ |$ W7 H z# M& u; l% W
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the+ ]2 t4 z. \; V' z: `; J% Q
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
9 q& u+ }3 V! T; j/ o/ Ereduction in monetary policy stimulus would need to be carefully considered.5 z L6 n/ k& q) E; N
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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