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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.
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4 g$ i* m, ?0 {6 j; `! VThe global economic recovery is proceeding broadly in line with the Bank's projection in its6 Z4 [0 p7 G. Q
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
5 n* w. T; l9 x! z" D; E* j4 l7 j! @8 zsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
9 ~1 B; w8 g4 p7 R2 fchallenges associated with sovereign and bank balance sheets will limit the pace of the European4 h- e, g( O2 t/ H3 G
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
- k }) B7 v6 temerging-market economies is driving the underlying strength in commodity prices, which could
: P ~/ Z' P- M7 qbe further reinforced temporarily by supply shocks arising from recent geopolitical events.- e& ? ~ C5 B7 T% C
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of$ P* W. u' y5 u$ S
the anticipated rebalancing of demand. While consumption growth remains strong, there are4 b- L. |3 W5 G( b6 ?! `' n
signs that household spending is moving more in line with the growth in household incomes.7 _0 s. q; l. |& |: F& O) W' T
Business investment continues to expand rapidly as companies take advantage of stimulative# Z& x+ t' \/ a7 K2 ]/ }, m
financial conditions and respond to competitive imperatives. There is early evidence of a
# P! J; H$ n% ^) _) `( Q" i% erecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
: j: a6 Y0 `/ D/ OHowever, the export sector continues to face considerable challenges from the cumulative effects3 \/ ]5 P6 D* C. \* B5 i
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
+ \2 ?, e, y# I, ]) u9 ] Tperformance.
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$ p8 i" V* x6 i! ?* A x. W0 M2 }While global inflationary pressures are rising, inflation in Canada has been consistent with the, o8 J4 m: v. q/ b! Q! l
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the/ I5 \" o% R3 ~* ?2 ~
considerable slack in the economy." y: Y, w$ V: T( N8 W' e. i% `
% X6 r7 `$ y; U# rReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
: V+ j- ]4 l5 c2 L' W* B& T8 E9 Sat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
. y& M+ [1 Y( _, w( K; v2 per cent inflation target in an environment of significant excess supply in Canada. Any further7 q: [+ G% i; b3 E( }2 O
reduction in monetary policy stimulus would need to be carefully considered.: ^* p5 d+ g& o9 W" K% S+ F
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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