 鲜花( 65)  鸡蛋( 0)
|
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./ n$ f* O1 [7 e
s* @0 { T3 W6 f- i
The global economic recovery is proceeding broadly in line with the Bank's projection in its
% w$ `8 Y; H0 |. l7 `8 v! vJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
3 l$ g- d# [6 Ysolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing6 T& l) U1 i: T$ I) o
challenges associated with sovereign and bank balance sheets will limit the pace of the European" y: Q/ G- {5 V$ X4 f
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
: |7 {( R/ r, w2 j* P' G% femerging-market economies is driving the underlying strength in commodity prices, which could
' k1 B. v& Y( ]be further reinforced temporarily by supply shocks arising from recent geopolitical events.- n. v; f& P* g0 N+ O
4 w7 r# l/ G2 l0 I- _7 W: C
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of& b$ B5 m1 k; l% E# z( T& D
the anticipated rebalancing of demand. While consumption growth remains strong, there are
8 ~% D) n! E3 o* y7 B# P8 Dsigns that household spending is moving more in line with the growth in household incomes., {0 X2 l' X$ n4 d7 Z
Business investment continues to expand rapidly as companies take advantage of stimulative: G, k. c: u1 q" L& _
financial conditions and respond to competitive imperatives. There is early evidence of a3 i! c' S6 F9 I$ B4 |1 g' L
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
4 S, a3 y1 V) @' V6 R" G3 u; ^0 lHowever, the export sector continues to face considerable challenges from the cumulative effects
: r+ K$ h5 [3 |; j: z2 k" Gof the persistent strength in the Canadian dollar and Canada's poor relative productivity& n1 C% c5 O2 ^ V, Q1 M. Z+ X
performance.& U% z( n+ E9 E
7 \! h4 i$ D2 Q& |
While global inflationary pressures are rising, inflation in Canada has been consistent with the
: M# g8 @7 h2 Y) Q" EBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
C$ {4 a+ z8 J+ Gconsiderable slack in the economy.
$ Z" v, O+ N2 \8 E. b9 A8 f3 T
: O9 p* m" S, b& B- A' sReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
4 V" N6 T# V+ S0 J$ M" ~ p6 Nat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the5 O2 s c4 g+ w! `: _7 _% }
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
8 D, k' ]* D1 ~8 _/ X% U6 Kreduction in monetary policy stimulus would need to be carefully considered./ z: P G# u) o3 V$ G! k5 J- Z( P
Information note:
9 X- c+ Y3 D1 m/ E' _, `# ]4 y: u0 a3 |, m: {
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|