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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.5 Y- K. c, f, Z: P
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The global economic recovery is proceeding broadly in line with the Bank's projection in its1 P D- _3 L/ a. L& W; b1 | _6 y& G
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is: A/ G! z% q8 Z6 B1 Y0 |
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing. L. ^3 T s+ E" s; j; L
challenges associated with sovereign and bank balance sheets will limit the pace of the European
$ \7 g( Q/ _+ U" \/ u& R3 `recovery and are a significant source of uncertainty to the global outlook. Robust demand from @4 Q0 g# l3 ?; r. y
emerging-market economies is driving the underlying strength in commodity prices, which could
: m; D1 `( N8 R! y; l& w, {. v1 A5 Cbe further reinforced temporarily by supply shocks arising from recent geopolitical events.- n, }$ a$ d/ M! t8 d5 m
* d9 v* |+ C- c% z N0 GThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of6 u. B% s) q+ a" W4 ~
the anticipated rebalancing of demand. While consumption growth remains strong, there are5 d7 g1 F1 B& d, A( d" f
signs that household spending is moving more in line with the growth in household incomes.
* P7 T: g( s3 x/ T$ oBusiness investment continues to expand rapidly as companies take advantage of stimulative
$ @) ~! H5 [, N4 {( \financial conditions and respond to competitive imperatives. There is early evidence of a& i/ l# h( O# i" Z( u
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
0 J; N% d5 l3 DHowever, the export sector continues to face considerable challenges from the cumulative effects% V1 A- C. G0 X/ ?" J4 ^
of the persistent strength in the Canadian dollar and Canada's poor relative productivity& n! |$ P$ [+ }! g, |
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
2 `" |/ A- |& P% o4 B) x, BBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the" \0 b+ k) h8 D
considerable slack in the economy.* b! R9 r. X& P7 t- O& g T+ z
( H% a* _$ U# ?2 c+ dReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
2 |- ^" q" w. I' N/ i) D) F4 Uat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
. `, N Y4 n, w: H$ ^& T r2 per cent inflation target in an environment of significant excess supply in Canada. Any further" }1 k1 C! {8 F6 U& h7 v/ o
reduction in monetary policy stimulus would need to be carefully considered.: Z* F O$ J' B) F8 [" c7 _
Information note:0 w' }& y! r* D1 D5 i" j4 b- Q
& @ G+ n3 z/ I; }7 sThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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