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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.! l/ d8 {# X! F; D' K. ~! B
# `3 d4 w' a+ d" n; l' q- cThe global economic recovery is proceeding broadly in line with the Bank's projection in its) m' q- ?$ x. _5 R% o
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is3 |( S8 u% u W. O+ Y
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
; G7 F m- q0 Cchallenges associated with sovereign and bank balance sheets will limit the pace of the European/ `5 ]! o% i- b* M3 I2 J
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
$ ]4 A/ j' l5 l& Hemerging-market economies is driving the underlying strength in commodity prices, which could" O2 P0 X' Q" E( N! [5 _
be further reinforced temporarily by supply shocks arising from recent geopolitical events.0 |; |! a E d
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
4 w7 W+ |, H l- ?5 Bthe anticipated rebalancing of demand. While consumption growth remains strong, there are. _2 P1 H2 V- x* c( }% X( K6 L) D" @
signs that household spending is moving more in line with the growth in household incomes.
9 p# D8 s1 W1 ~Business investment continues to expand rapidly as companies take advantage of stimulative
' G! g# \2 h: |/ xfinancial conditions and respond to competitive imperatives. There is early evidence of a0 P. M: x. B8 O& J2 s# s5 C# u
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
4 S- D2 A5 q8 hHowever, the export sector continues to face considerable challenges from the cumulative effects8 A# X1 P# h) ?
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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6 S5 M! W/ W+ F0 SWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
5 S/ f& I/ L$ x' ]Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the' F6 F8 |; u' I/ d% ~1 Z' X3 R
considerable slack in the economy.7 P s) R; O* j# M8 y7 {. P4 U
, H& ~' H! u2 y o; v" ZReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
1 Q) S+ N6 N9 rat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
! N" N4 N+ J. g# s- H! T8 [8 w- ]( T% c2 per cent inflation target in an environment of significant excess supply in Canada. Any further
6 r) _. S# W; Preduction in monetary policy stimulus would need to be carefully considered.
$ | @# ~' {# _' wInformation note:6 U( M1 m5 @3 j, Q6 v$ o" y& ~
0 r1 j9 y$ \8 s" J
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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