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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.
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( _* L0 d" k) j3 m6 dThe global economic recovery is proceeding broadly in line with the Bank's projection in its
0 ]9 }& a9 \& N1 z! L) t+ ^January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is% G. U8 B$ R* U# _
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing$ R" v6 e  z) K' |( _; V# Z
challenges associated with sovereign and bank balance sheets will limit the pace of the European
5 `3 L! B) K' g# a0 \3 ]recovery and are a significant source of uncertainty to the global outlook. Robust demand from
5 @- P! U0 |% l6 pemerging-market economies is driving the underlying strength in commodity prices, which could
9 ?! {3 P* `3 r; H0 A# vbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
6 L& p& d+ X- N  v) |2 y3 A& {( O# m, R0 c
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
1 p- M; I  n5 Y9 |5 kthe anticipated rebalancing of demand. While consumption growth remains strong, there are! M! X3 m. _$ I% x
signs that household spending is moving more in line with the growth in household incomes.
; k: D* s( [8 f. R0 B4 X# |Business investment continues to expand rapidly as companies take advantage of stimulative  X+ t: f4 v2 y% \4 p3 M( f
financial conditions and respond to competitive imperatives. There is early evidence of a: [6 a( Z2 k0 u+ k+ v: `' h
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
8 c* S6 N, Q- M& k1 M" [8 xHowever, the export sector continues to face considerable challenges from the cumulative effects
# G! E) y$ }, M  y7 B2 hof the persistent strength in the Canadian dollar and Canada's poor relative productivity
9 E. }! W9 {7 h# C* Xperformance.
. f% z  z( K0 K* v) w: F. \
( J7 c2 m; J+ Q! {While global inflationary pressures are rising, inflation in Canada has been consistent with the
' M" U+ @! [! \# A5 JBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the. R6 {" ?% V: c$ \
considerable slack in the economy.* V7 K) D/ u2 f2 q3 U9 q" k4 C
8 O+ b% _) z! J% X& k+ k
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
. A8 j8 C% n: r2 l8 d3 Hat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
; B$ T. `! v1 i2 per cent inflation target in an environment of significant excess supply in Canada. Any further9 _# p: p# W) W# J+ j0 U8 g
reduction in monetary policy stimulus would need to be carefully considered.4 _: I: P2 z# @$ n$ p/ f
Information note:
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2 s3 }: S; ?$ b* f# K0 w2 MThe 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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