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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.
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The global economic recovery is proceeding broadly in line with the Bank's projection in its# l+ Q; X9 E! T
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
( G* B5 v0 L1 x3 g2 k! Nsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing4 V! |; ?2 ~3 S! W; d
challenges associated with sovereign and bank balance sheets will limit the pace of the European% ~) Z! s7 f+ L  }# g
recovery and are a significant source of uncertainty to the global outlook. Robust demand from3 T" ?5 q, j6 ^  I
emerging-market economies is driving the underlying strength in commodity prices, which could9 b1 u8 v! N# N6 V2 r0 V0 v3 u
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
- M/ q" C+ B2 e  ~% y2 K# v% B7 Bthe anticipated rebalancing of demand. While consumption growth remains strong, there are
+ y9 S, t6 s1 }0 b/ c3 b' ~signs that household spending is moving more in line with the growth in household incomes.
! u) l" Z  f& l3 p: N, l9 {0 VBusiness investment continues to expand rapidly as companies take advantage of stimulative
* D, j9 M: }) h' l& b/ Xfinancial conditions and respond to competitive imperatives. There is early evidence of a
- Y; H& V2 w+ ?+ v" b* |: xrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.4 A2 @. ]1 K- n5 G
However, the export sector continues to face considerable challenges from the cumulative effects0 l, u3 A2 s" z6 H0 i+ F
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
( K: c7 O% N( v/ z' o- f9 _$ pperformance.
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4 ]" y* m# j" C" J+ b1 v/ K% n9 YWhile global inflationary pressures are rising, inflation in Canada has been consistent with the+ U3 O* L) M2 m! a
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the* m% n8 V" N. H5 t0 L4 [% b
considerable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
6 [1 t* E$ Q& ?# I) q8 Z& nat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
/ [" l0 X+ d6 ^2 per cent inflation target in an environment of significant excess supply in Canada. Any further4 h) e3 r( N) A" S6 B2 s
reduction in monetary policy stimulus would need to be carefully considered.
0 w) Q$ v% ^4 n3 [) _3 k  gInformation note:* X. Z# M+ j& k0 r- \8 D
& ]. J" a$ L9 q; F: g/ K9 H
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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