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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.2 R. ^5 ]4 k8 z( r# y
7 j1 a3 X5 e* E5 _The global economic recovery is proceeding broadly in line with the Bank's projection in its& o0 e. ~- h. L; p% u' L6 k
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is' }. V( v, \: Y" F
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
" v2 O" ~7 U$ p2 R- d+ Zchallenges associated with sovereign and bank balance sheets will limit the pace of the European
% A$ H; q' z( Y/ N; r. q. Krecovery and are a significant source of uncertainty to the global outlook. Robust demand from! T) m$ _1 c% z8 ]0 d( G) a
emerging-market economies is driving the underlying strength in commodity prices, which could
1 U+ M5 K( c( w2 f! j9 K3 Cbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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# Z* o/ C& {, C2 M# k% T1 AThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
& j/ m9 E9 x6 i& k8 q9 [( kthe anticipated rebalancing of demand. While consumption growth remains strong, there are- f5 Q5 m2 j% h
signs that household spending is moving more in line with the growth in household incomes.
$ ^/ y# Z& a8 \" \% zBusiness investment continues to expand rapidly as companies take advantage of stimulative
2 h* y; C6 f6 K5 i; x$ gfinancial conditions and respond to competitive imperatives. There is early evidence of a$ M( i. W6 ]) }: b1 a' ~. D
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
8 F: A* d1 o" v( s c$ y3 }However, the export sector continues to face considerable challenges from the cumulative effects8 N* t4 V9 O2 f/ F8 \2 H# S) c! q
of the persistent strength in the Canadian dollar and Canada's poor relative productivity2 ]6 t* _# r$ j l1 Z) W3 }
performance.' `: L" @6 p! n, U/ G5 y
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
; G* w# T& p5 P3 I7 {. g3 oBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the2 @- q! I0 }, j$ o
considerable slack in the economy.8 y% Y2 v* J2 m- \: U% N8 M% Y+ H
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
# Y5 r5 g" @6 Q. L( S/ w2 J2 x. Jat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the4 h5 g4 |) @( Z; ~* S
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
+ w# b! Y E" I$ s& \7 x$ C2 Ureduction in monetary policy stimulus would need to be carefully considered., y0 A! I6 J/ K4 s; k' W9 t
Information note:
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6 I* V0 I& ^6 C4 C# y5 B+ m8 RThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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