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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.0 Q0 c6 G; ~' ?' f7 Y4 r' H5 [
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
1 n* e/ x4 H4 Z6 s) L- X; T: pJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
# Y) ~% W* d9 H# o$ G/ ~solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
$ z& {8 V! M5 x1 n. K% W; `2 b# [challenges associated with sovereign and bank balance sheets will limit the pace of the European
' W0 X8 F& j3 }' yrecovery and are a significant source of uncertainty to the global outlook. Robust demand from7 u4 W1 O& ?+ I+ _
emerging-market economies is driving the underlying strength in commodity prices, which could7 q+ Z1 y$ T( Y; I- H" O
be further reinforced temporarily by supply shocks arising from recent geopolitical events.8 P: b+ i J, T
% w/ k/ k N% OThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
8 v$ M3 f% ^1 [2 [' s. B. g) x: Bthe anticipated rebalancing of demand. While consumption growth remains strong, there are3 E) B4 q0 L& O; w& E4 @
signs that household spending is moving more in line with the growth in household incomes.( J& w. I/ g* n d4 ~: z
Business investment continues to expand rapidly as companies take advantage of stimulative! ]5 M' J- J0 l2 S4 H5 c
financial conditions and respond to competitive imperatives. There is early evidence of a# ^% v1 C K. m
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
* ]9 E" {4 g* Z( y8 R7 Y' i0 OHowever, the export sector continues to face considerable challenges from the cumulative effects
. F4 Z# C# g( ^% sof the persistent strength in the Canadian dollar and Canada's poor relative productivity$ ]0 q3 q- N' f8 |3 V! e3 e
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the; v- K. g6 V* d+ |5 ]0 @
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the2 B8 s4 ~9 z V* i/ M/ X! N
considerable slack in the economy.1 b# D) f* u& l, V
. t9 {/ }, t" ^& f( s3 ~Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate; `) n! @/ Q6 q& O* \) h
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
" N& V, W* n5 E2 d* O4 y2 per cent inflation target in an environment of significant excess supply in Canada. Any further
" h( g) e: D6 s/ W3 {% A3 |reduction in monetary policy stimulus would need to be carefully considered.1 X* v1 |% f9 O4 n# W# A% R$ X
Information note:/ p+ \ L2 H6 K6 Q
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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