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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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. M, Z# N1 x( V9 Y$ f5 nThe global economic recovery is proceeding broadly in line with the Bank's projection in its
, p& l* _' p$ [ q2 j$ Q: L6 b6 V# r0 pJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
8 r8 r; G; L" V- @4 k: dsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing7 c% z. B9 U; A9 O
challenges associated with sovereign and bank balance sheets will limit the pace of the European- @4 a. q4 Q* V% N& F
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
: k- r# E/ _; l, ~2 [* o1 Lemerging-market economies is driving the underlying strength in commodity prices, which could
/ S$ l5 u+ S5 {/ fbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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+ h/ ^/ }4 F- Y! tThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
- W& I0 X9 E7 s `" @the anticipated rebalancing of demand. While consumption growth remains strong, there are$ F" L# v6 K+ a l
signs that household spending is moving more in line with the growth in household incomes.
F& I: h$ Q3 w7 e7 s8 N7 [1 h5 fBusiness investment continues to expand rapidly as companies take advantage of stimulative
! P% ~$ Y! @8 ] |/ Afinancial conditions and respond to competitive imperatives. There is early evidence of a
* M+ W5 M2 V- nrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
( H( i+ |9 e! g) @However, the export sector continues to face considerable challenges from the cumulative effects
9 }! B1 g( [3 y$ U8 _% `of the persistent strength in the Canadian dollar and Canada's poor relative productivity" O8 u% D2 A j; M: \9 F
performance.# X4 g8 e& o4 T) T+ W: n% E
+ ?/ E9 P% o8 ?/ ]" qWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
: X6 v0 y7 f/ O+ t5 YBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the7 H4 i- K8 u) `
considerable slack in the economy.3 [2 h- e) i1 k2 N
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate; A* k5 B9 e3 S7 A, e1 w8 ]
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
! Y# U% _7 m9 l0 r7 ~1 N2 per cent inflation target in an environment of significant excess supply in Canada. Any further2 `) w2 X9 k. g5 T* I% ~
reduction in monetary policy stimulus would need to be carefully considered.
: x3 `+ h9 C8 _" b7 o; u, A1 f4 t, ^Information note:: k% q8 w' Y x% ?" c; E
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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