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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.* j- p" e- l& c' P2 `/ r( f% R# m) y3 }

4 }2 y% B; d# C& ?5 m$ Z. U; `( @The global economic recovery is proceeding broadly in line with the Bank's projection in its# P  `. A  V7 C4 s4 ~4 U8 m
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is0 A2 i0 R6 V# @$ I8 r
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
* p9 w2 A) V. Lchallenges associated with sovereign and bank balance sheets will limit the pace of the European
3 @8 ]2 E1 \) |" C9 Wrecovery and are a significant source of uncertainty to the global outlook. Robust demand from& M: B1 m. x' W4 _0 `1 M; l
emerging-market economies is driving the underlying strength in commodity prices, which could/ F  g6 H3 q8 F4 u
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
( ?# l6 o6 @5 ^4 B+ e- d
, M- x4 |( L/ b' S& [The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of: I* k/ |: c8 Q5 k( k
the anticipated rebalancing of demand. While consumption growth remains strong, there are
. O- Z# V/ L- p- |: qsigns that household spending is moving more in line with the growth in household incomes.
4 C  M) H9 X3 ~1 B  J- |) tBusiness investment continues to expand rapidly as companies take advantage of stimulative9 \  M; r( t, o! z4 H
financial conditions and respond to competitive imperatives. There is early evidence of a
( q" g2 H- ?1 p2 O) B. [% l" q1 Y/ zrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.4 x$ w/ m5 v+ U" u: B0 W
However, the export sector continues to face considerable challenges from the cumulative effects" @  O1 w" S* Z) e3 ^& A# v6 V
of the persistent strength in the Canadian dollar and Canada's poor relative productivity. s4 F# a4 h7 o6 q1 v5 M
performance.8 _/ Z5 x& C4 R+ y! L# z7 m

; S4 A  T6 p+ C6 F( sWhile global inflationary pressures are rising, inflation in Canada has been consistent with the. b% e" l' [) U. U. b$ l& b2 z
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
: T, V2 V, w) ?, Y) dconsiderable slack in the economy.' [6 Q; j) _# V7 X6 Y: x+ Y. l
2 z4 u3 a& j1 x
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
- L; M& R% J+ `0 }6 K4 uat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
$ B. a) B" g! _3 _0 z- ]2 per cent inflation target in an environment of significant excess supply in Canada. Any further) w' Q( y3 p! t% m9 u) F$ R! M
reduction in monetary policy stimulus would need to be carefully considered.3 H3 P3 H+ y/ T% J' r
Information note:
* F& v8 A% Y6 ^5 U- }$ e! ^& V+ D) z
% w$ a) A7 a2 T: ?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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