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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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.
% ~3 g$ h; ]( l) O/ d& y- C- e2 P' C- b1 q0 ]/ M4 [9 V- N/ {( Q
The global economic recovery is proceeding broadly in line with the Bank's projection in its
, V1 n9 i4 Y/ b1 k. d6 A( O! x$ jJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is- {2 Z/ C, k/ i; [0 `3 ^
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
' g+ h2 B: c0 u# U- a4 Schallenges associated with sovereign and bank balance sheets will limit the pace of the European. m- W/ m9 v% e6 q& I" u7 [+ T
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
& ~, e' u3 K! f/ z' _emerging-market economies is driving the underlying strength in commodity prices, which could
0 Y( o' W' o: e) s: vbe 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
9 Q6 `( |' |& k5 `4 o0 }the anticipated rebalancing of demand. While consumption growth remains strong, there are' L! o2 o$ b% M- ?2 P- D6 l
signs that household spending is moving more in line with the growth in household incomes.
' Y  e' _( J# c+ H; Z- S7 ABusiness investment continues to expand rapidly as companies take advantage of stimulative5 ~  m, p2 T8 D% a; I
financial conditions and respond to competitive imperatives. There is early evidence of a
8 m; H5 [1 ?# [( v- c9 B! Yrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.% i' \3 o  t) @2 I
However, the export sector continues to face considerable challenges from the cumulative effects0 c" G2 C/ u3 |$ O
of the persistent strength in the Canadian dollar and Canada's poor relative productivity& H, M: Z7 @+ n: {
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the- o% a* H% a  p- A. Z; u: p, _
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the0 n# }8 ]2 M7 T6 z! o
considerable 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
/ }/ g+ _' c/ bat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the! D% A, }# j. O( N( p# A5 r( d( i
2 per cent inflation target in an environment of significant excess supply in Canada. Any further9 D4 f! L2 [+ b% g0 W* }$ {! \
reduction in monetary policy stimulus would need to be carefully considered.
6 l; e- S$ R* M9 aInformation note:
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: g4 m# E( i7 v, fThe next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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