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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.1 M" \; ?( F: V0 `( G; Q' p: O
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
. H: \) Y3 X1 R! q: [1 K/ ` GJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
, Z9 g% ?. D- x1 c7 lsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
( F; Y1 r0 O [, |6 Dchallenges associated with sovereign and bank balance sheets will limit the pace of the European. c* ^- E2 e) M/ a$ q
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
H4 f3 g [4 Q# R" @- femerging-market economies is driving the underlying strength in commodity prices, which could' {& a7 h$ X, ~1 b& j+ R/ n2 V
be further reinforced temporarily by supply shocks arising from recent geopolitical events.# M+ c& F* Z1 Y l0 J o
8 {# C0 T% G2 D0 ?The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of- f8 i5 o3 \( Z4 o! E1 a0 M! O
the anticipated rebalancing of demand. While consumption growth remains strong, there are( e" _* M/ p4 p* n
signs that household spending is moving more in line with the growth in household incomes.
' } v" A' Q- G ^+ PBusiness investment continues to expand rapidly as companies take advantage of stimulative0 q8 b9 n/ D! H, B1 ^" ~' L
financial conditions and respond to competitive imperatives. There is early evidence of a
( D/ m( g7 E- Qrecovery in net exports, supported by stronger U.S. activity and global demand for commodities." I6 N8 H7 R4 G- `" R
However, the export sector continues to face considerable challenges from the cumulative effects
5 ?' ~$ S+ j+ N7 y1 {of the persistent strength in the Canadian dollar and Canada's poor relative productivity6 q2 u7 x5 b% {- ^0 r. |
performance.
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( D* k5 b! X b. F5 q1 l( W& d- ?While global inflationary pressures are rising, inflation in Canada has been consistent with the, z4 I' z) A+ B4 m3 i
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
7 m S2 Q9 S0 w% Nconsiderable 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
: [7 s1 O8 Z" N+ N2 S! }at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the3 o9 x% A. M( V& T/ E- ~
2 per cent inflation target in an environment of significant excess supply in Canada. Any further9 r3 r4 |) _1 F! W
reduction in monetary policy stimulus would need to be carefully considered.
& }* u' c2 c: L9 n6 b# EInformation note:
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2 ^/ G, i; a' F0 r( f% _1 jThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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