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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.  {8 N% `" K* f, W! `; h9 c5 T

3 S& V$ z' }9 }1 Q; ZThe global economic recovery is proceeding broadly in line with the Bank's projection in its1 t1 T0 n" [6 I
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is7 |9 B, o  t  p
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
8 A) F  r1 u8 [! s& }( xchallenges associated with sovereign and bank balance sheets will limit the pace of the European
* P5 k: o# C& R: v" _recovery and are a significant source of uncertainty to the global outlook. Robust demand from
( t7 v: y4 M, g5 h- ~emerging-market economies is driving the underlying strength in commodity prices, which could% E& H4 W% c3 r' a# N
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
3 I% \0 U% M+ S4 R+ C5 n; I& u3 m! D
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
- Z7 X- K4 r+ q1 L! }the anticipated rebalancing of demand. While consumption growth remains strong, there are
7 ?9 a5 ~# M6 N; J, W4 ~* q2 Jsigns that household spending is moving more in line with the growth in household incomes.& D0 {. _/ B0 x  A$ @: }+ Q& {
Business investment continues to expand rapidly as companies take advantage of stimulative! \% G. _  g* H+ n0 ?- @: m! G
financial conditions and respond to competitive imperatives. There is early evidence of a
1 a: V1 x- f  y/ U7 f) _1 A4 o6 y2 `recovery in net exports, supported by stronger U.S. activity and global demand for commodities.# @) o5 b% b; V) H' d
However, the export sector continues to face considerable challenges from the cumulative effects
, U" p0 n% G8 [6 m+ hof the persistent strength in the Canadian dollar and Canada's poor relative productivity$ g  E2 N: j. F5 D
performance.
. Q2 f# Q1 [6 R  r( J. Y
8 ]& o5 `& A$ l1 q$ Y" wWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
" k' @0 u5 V4 t+ s1 GBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the) C8 o1 z% C6 n& I2 I" \
considerable slack in the economy.
' e- R  c+ f8 a$ z) y9 f: ^+ F+ O, Z) z! V
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate: f2 `" U0 b/ y$ ?. F( }+ F, y
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
" T8 d4 L% c; k( x9 G% |2 per cent inflation target in an environment of significant excess supply in Canada. Any further3 [+ J4 ^; |7 }6 v
reduction in monetary policy stimulus would need to be carefully considered.2 g/ D# }- r3 i. I+ N
Information note:
# t1 S/ p0 M5 w! t* P) t8 Q( a9 r" N
The 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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