 鲜花( 65)  鸡蛋( 0)
|
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.
J$ B9 T' v- I" L8 O! K* ^8 n3 g& C) d+ F
The global economic recovery is proceeding broadly in line with the Bank's projection in its
9 c! q: f8 j$ f; z4 D( ~January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
2 W' S! U7 _0 J. N( a9 Dsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
8 D1 a% v# B+ schallenges associated with sovereign and bank balance sheets will limit the pace of the European f, C3 t2 T. @! x
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
' H( u9 [# ?7 ]: {% g2 ?3 {3 aemerging-market economies is driving the underlying strength in commodity prices, which could
- z7 ?: f3 P s2 C' Y! Lbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
- |- P$ I: E3 r- E1 E+ X' e
3 F; ~ |) a4 ^The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
( {3 n5 o4 f$ y6 K5 G0 Q3 ?the anticipated rebalancing of demand. While consumption growth remains strong, there are% H7 ~" A; O7 P2 {% P* ?/ D1 x8 }
signs that household spending is moving more in line with the growth in household incomes.
/ \7 B& t9 w4 i( G* o% C* q" J3 |Business investment continues to expand rapidly as companies take advantage of stimulative
s/ B9 c- ? I! m+ Q2 _$ ifinancial conditions and respond to competitive imperatives. There is early evidence of a+ B( y- `, q1 U4 K3 M3 z; x
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
$ F# k/ q2 }! ]" `# ~/ j* f. ~# Y; CHowever, the export sector continues to face considerable challenges from the cumulative effects
! E6 y( o: k0 |! R9 Y0 g8 Bof the persistent strength in the Canadian dollar and Canada's poor relative productivity
% l/ m( m0 f0 c' p6 D; Wperformance.4 i! E" I$ k [' G& {0 j: n* y4 x
# Q& r% O8 F. ^; F4 j+ [0 V8 s
While global inflationary pressures are rising, inflation in Canada has been consistent with the
1 q/ k( C3 C& N a- U) hBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the5 g1 x) _% x7 z* L# X' i( g9 t2 F' R# C
considerable slack in the economy.1 b/ f( H+ @* n# P6 Q+ s
7 y! A. M0 W! r: I9 fReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate. f" C1 v2 \" t; E; [& K
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the9 e, ~, |% G4 o w
2 per cent inflation target in an environment of significant excess supply in Canada. Any further; P6 M- I1 ?0 T6 Y5 B9 e* X
reduction in monetary policy stimulus would need to be carefully considered.9 W6 [0 }/ i8 V- _
Information note:
& M$ P/ ]/ P; H4 k# g
% T/ Q4 M; g1 E5 S7 ZThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
|