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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its* c1 p# |% F+ n* S4 `) C6 D
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is7 X) \; w. P9 v+ a! W, Q, r: @
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing" ]' G- |& _" Z! ~8 }4 d/ Y
challenges associated with sovereign and bank balance sheets will limit the pace of the European/ A3 R* ~7 G9 u" L
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
% O4 }" ]" X, t9 {- o% kemerging-market economies is driving the underlying strength in commodity prices, which could
7 m  B# |) a( S& [- F9 P* g, vbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of, E% h- d. p) V& C  H
the anticipated rebalancing of demand. While consumption growth remains strong, there are
# ?( N! c8 l) i% ]% u0 [signs that household spending is moving more in line with the growth in household incomes.' Y: n3 S$ p* `- a
Business investment continues to expand rapidly as companies take advantage of stimulative
7 t* @# V9 P5 B" n, c  d( {2 I- Qfinancial conditions and respond to competitive imperatives. There is early evidence of a
- K5 d. `& R) U8 T. c; y) G  W5 C# A2 Drecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
( Q2 R1 ^- K; T9 F6 sHowever, the export sector continues to face considerable challenges from the cumulative effects
% ~( Q$ j+ d! g) p2 U3 Oof the persistent strength in the Canadian dollar and Canada's poor relative productivity; _- o: i* @9 K) D9 o
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
8 v2 Z5 _4 Z/ z: \Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
# \" W% w+ U" o0 @considerable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate% X9 F1 [/ m6 L# p- h8 p8 Z
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the7 ]$ L$ C/ S% \
2 per cent inflation target in an environment of significant excess supply in Canada. Any further% Y; O' L: {  K" i, v& f! Q7 ^
reduction in monetary policy stimulus would need to be carefully considered.3 [  p; c( l' j" r7 f: Z7 y
Information note:
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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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