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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 its
. W. p \4 G- G2 A/ ]January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is7 h) L1 T) H& @2 W: {
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing. S$ x7 p8 @0 N3 D$ K* l
challenges associated with sovereign and bank balance sheets will limit the pace of the European7 \6 S# U# j. D9 P i$ c
recovery and are a significant source of uncertainty to the global outlook. Robust demand from" X: Q2 c- b" ~# L/ I: Y4 Z
emerging-market economies is driving the underlying strength in commodity prices, which could% |0 K' J* G# q1 m
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
+ O7 y/ J- R$ A/ R8 |: t* m: kthe anticipated rebalancing of demand. While consumption growth remains strong, there are9 P. l: ?( X% }# d8 {
signs that household spending is moving more in line with the growth in household incomes./ C6 U# T; c+ P% {
Business investment continues to expand rapidly as companies take advantage of stimulative1 f4 ~5 t; ~5 [, J2 `
financial conditions and respond to competitive imperatives. There is early evidence of a
; m+ e$ Y- {3 Srecovery in net exports, supported by stronger U.S. activity and global demand for commodities.' \9 H7 I3 @8 h
However, the export sector continues to face considerable challenges from the cumulative effects
% v3 j" r/ {. n* q6 Q3 Q+ ?: m) Bof the persistent strength in the Canadian dollar and Canada's poor relative productivity8 d! A8 q" o: r8 J8 @
performance.6 e# w/ e9 d7 s8 G: }
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
# c/ G/ r5 w- W5 WBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the* k. I- q6 {3 u- o
considerable slack in the economy.- K; n) D( C) d3 I
+ S: L* f, G# ^ T' H _; bReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
2 a ?! K' H h, Sat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
$ o5 `, E Q* o! L3 ]8 ~2 per cent inflation target in an environment of significant excess supply in Canada. Any further
4 F& z- }( s' L* \; X3 s2 Dreduction in monetary policy stimulus would need to be carefully considered.
1 C3 h/ x$ j) I X; G7 ]Information note:
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0 E7 y5 J/ Z+ B+ k! YThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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