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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 its9 P6 z+ |1 ?1 \
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
7 k% M+ E; F" z( h6 ]5 Y ~9 Z9 e& Ysolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
9 J" \ t; @/ |. B3 C2 echallenges associated with sovereign and bank balance sheets will limit the pace of the European
! c8 g# e7 G. l Crecovery and are a significant source of uncertainty to the global outlook. Robust demand from0 A$ ?. ]- E$ ^7 i6 r0 Y
emerging-market economies is driving the underlying strength in commodity prices, which could4 `# z9 Y7 X$ v/ M: M: x
be further reinforced temporarily by supply shocks arising from recent geopolitical events.4 r' k4 H; f2 q; Z* Q
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
4 U7 @* j" n5 i+ r1 p% Mthe anticipated rebalancing of demand. While consumption growth remains strong, there are9 K- g- c$ e# H
signs that household spending is moving more in line with the growth in household incomes.. V; C$ p+ L& C3 [ b( C4 N
Business investment continues to expand rapidly as companies take advantage of stimulative
7 v ~& S9 r3 Q5 I1 p3 J( {financial conditions and respond to competitive imperatives. There is early evidence of a
# Y5 T. x7 ]$ [3 ]# r: w4 h/ W1 srecovery in net exports, supported by stronger U.S. activity and global demand for commodities.' n, ~9 E/ O+ l$ V; M/ F$ s
However, the export sector continues to face considerable challenges from the cumulative effects- B4 c: m, s* i9 E
of the persistent strength in the Canadian dollar and Canada's poor relative productivity P- D3 W, r1 Q8 `
performance., H8 q( u, A4 S! x; S
( J: r2 U/ K$ G- x; b: IWhile global inflationary pressures are rising, inflation in Canada has been consistent with the5 X8 ^8 F/ q% |8 X% s4 p
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
# H- e8 |' Z. a# ?0 vconsiderable slack in the economy.- A: J. Y( h& ^4 C; x. H. }
9 I# B! k+ R+ `+ x$ H+ |Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate; M0 [- C; x* |9 ]8 N4 f5 \2 ^
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
0 m* i# K( m" C1 [2 per cent inflation target in an environment of significant excess supply in Canada. Any further
5 r8 |6 J% A$ b' D2 ireduction in monetary policy stimulus would need to be carefully considered.
8 }+ u& N1 g @, V( {# v8 J! dInformation note:0 _; h3 X9 ?+ W* M& O
7 a0 Y9 Y" V9 A2 o" v2 [2 D3 UThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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