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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.8 c* X, r/ n6 j2 G/ ?
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
0 S+ p: [; y& u9 G7 A0 a7 iJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is8 Q& \" C% d- D5 D# w4 F5 e
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing4 p5 [5 j/ t/ X/ I/ w
challenges associated with sovereign and bank balance sheets will limit the pace of the European
$ H9 q, a E) J' srecovery and are a significant source of uncertainty to the global outlook. Robust demand from# s& |. I: R; B7 I4 r
emerging-market economies is driving the underlying strength in commodity prices, which could5 Z3 X! u# x# W4 a( v
be further reinforced temporarily by supply shocks arising from recent geopolitical events.& G1 j" h. v" q' A N, _
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
! C) V& ^ c3 Z: n- a. |9 ythe anticipated rebalancing of demand. While consumption growth remains strong, there are
, X ~, z- m2 p- ^8 u# z2 R* ^/ s6 Tsigns that household spending is moving more in line with the growth in household incomes.
( Z7 w( f9 r; q/ c/ ABusiness investment continues to expand rapidly as companies take advantage of stimulative
5 p. j0 A2 N/ Zfinancial conditions and respond to competitive imperatives. There is early evidence of a3 o ^) t; m) t8 r9 K) e
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 d3 Q# x. W$ Q# V7 V
However, the export sector continues to face considerable challenges from the cumulative effects
" ]/ N; `, H+ v+ q% gof the persistent strength in the Canadian dollar and Canada's poor relative productivity
5 }9 M+ k! U1 e3 o0 r" Cperformance.
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2 O$ i$ ]5 C' [: |While global inflationary pressures are rising, inflation in Canada has been consistent with the
' z8 u: k9 o+ Q' @4 j- EBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the* t# y- ? M+ l% }" G) O
considerable slack in the economy.! c/ }: J! v- A& Y
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
" _8 r: b' y% ?7 m6 yat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the' V( T2 `' Z# F8 Y/ b
2 per cent inflation target in an environment of significant excess supply in Canada. Any further; M, k$ O4 V8 h$ J( [
reduction in monetary policy stimulus would need to be carefully considered.- p- X* g, @# [2 v. }2 i. h Z
Information note:
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7 y) K1 ]5 c% LThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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