 鲜花( 65)  鸡蛋( 0)
|
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.
T; F) Y }* _6 ^8 `/ B, l0 g; {0 o( c$ a% M; f5 S# M w! e9 h) Z' K
The global economic recovery is proceeding broadly in line with the Bank's projection in its
' K m* D7 g9 bJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
! x' B$ v& O5 M' X2 c, ?( }solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing: M. ?- b7 U9 Q# K2 H# K+ ~
challenges associated with sovereign and bank balance sheets will limit the pace of the European) a z. j2 C2 W/ o: T& U
recovery and are a significant source of uncertainty to the global outlook. Robust demand from' z% \( c& E5 c/ ^+ V
emerging-market economies is driving the underlying strength in commodity prices, which could x7 n R# T, |& R1 W
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
( B9 [* R- c1 S" ~$ g8 b* y: `: J- a8 o! f
! K5 G& H/ P: i- q; ZThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of+ P/ b: Z7 ?: x* C; Y
the anticipated rebalancing of demand. While consumption growth remains strong, there are( C' k$ E! c( W6 w% ~3 n5 u% v
signs that household spending is moving more in line with the growth in household incomes.3 Z" w2 ^4 I6 o: { Z
Business investment continues to expand rapidly as companies take advantage of stimulative, Y+ X$ t# H" r# p) v
financial conditions and respond to competitive imperatives. There is early evidence of a
9 h! O4 Y* X; `; @recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
0 ?( d* ~( p' {% d% F2 GHowever, the export sector continues to face considerable challenges from the cumulative effects
% a- _: L" J5 Dof the persistent strength in the Canadian dollar and Canada's poor relative productivity1 G: c6 C) l3 W8 M0 [
performance.
E! R8 J U0 x$ B
+ P" E3 x( G% }/ d% RWhile global inflationary pressures are rising, inflation in Canada has been consistent with the# w1 t# g' C% c3 y% \
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the% K5 ?# _ G9 |5 Y
considerable slack in the economy.' V$ v. }% P9 O2 K# v; e' W
( \+ T. I, ~' s! a' |Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate$ C% z' J# h/ l) @ S+ [& G
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
3 a. X Z+ \" T0 `2 per cent inflation target in an environment of significant excess supply in Canada. Any further( M0 |" K: B# g9 M
reduction in monetary policy stimulus would need to be carefully considered.
/ `7 x& d2 x$ X1 H, `* KInformation note:
Q5 a8 s3 p- ]1 @) g, m
# _3 k$ \, Q7 T" X6 lThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
|