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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.4 ^, R7 A G- T/ Q1 f, D: }+ c+ x
: E3 ^( c. r9 p( p! ]+ c! XThe global economic recovery is proceeding broadly in line with the Bank's projection in its4 X, y T3 r4 D8 r# v( e
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is, x) q3 c! N; Z7 h& T( b( K& }
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
9 T5 D3 J9 r. ^: Y% xchallenges associated with sovereign and bank balance sheets will limit the pace of the European
! C% d. s/ r9 X% W) Q2 B3 H$ hrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
0 n& z3 M0 w4 P7 @emerging-market economies is driving the underlying strength in commodity prices, which could
3 e2 m% N& \: J: Y8 f7 N" ibe further reinforced temporarily by supply shocks arising from recent geopolitical events.' Z, ]/ d8 H" p
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
8 f* ^2 L9 D v1 }2 {4 p" U/ Pthe anticipated rebalancing of demand. While consumption growth remains strong, there are5 ]: X2 w1 ~, ]/ u% [" T7 K
signs that household spending is moving more in line with the growth in household incomes.% S! Y3 g2 Y. e! c1 M8 v) Z8 w0 Q2 [
Business investment continues to expand rapidly as companies take advantage of stimulative
7 q7 M& ] l4 s3 b- \financial conditions and respond to competitive imperatives. There is early evidence of a
( k/ n2 `3 Z. S4 V+ v1 }recovery in net exports, supported by stronger U.S. activity and global demand for commodities.: L* h+ K- q! C5 r
However, the export sector continues to face considerable challenges from the cumulative effects" l- J/ e! S$ B1 p6 p+ O: d
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
4 T' X( N L2 @$ @' u9 e5 I9 hperformance., X* U2 W `& O2 Z! E2 s0 |, |
7 t; o; k% Q- f6 J! }9 FWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
5 q7 m9 d$ |4 c+ ?$ Z4 ?Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
- W# t0 h. }( p% ]. _considerable slack in the economy.) \& q/ N6 _* b9 e8 O
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
3 Y; {7 z! L* b( bat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
" Y6 v! j% y+ U* H. H2 per cent inflation target in an environment of significant excess supply in Canada. Any further
: K' c9 Z/ Q [$ G* K6 T; ^reduction in monetary policy stimulus would need to be carefully considered.
! ]) y8 s# o# |; [6 GInformation note:* f! o2 Z8 W, w$ q
4 B% d, m7 M0 j5 OThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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