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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.3 O; R$ D7 y4 o0 B( ]4 C, a6 U
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
$ x- F ~/ k9 yJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is. Z. N/ w w* d# J
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
t" ^) Y3 @ Nchallenges associated with sovereign and bank balance sheets will limit the pace of the European
8 }) _: h% y2 e2 e9 |( z7 wrecovery and are a significant source of uncertainty to the global outlook. Robust demand from* Q5 z6 _* ^) E) p: {6 n
emerging-market economies is driving the underlying strength in commodity prices, which could; C! C% m* U, \, k& ^6 q3 j* ^
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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* t7 N% A6 {* a& _# @$ g, M7 r AThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of- I! o/ A4 V5 s; \. L2 b6 c
the anticipated rebalancing of demand. While consumption growth remains strong, there are
8 `0 K# ?6 [/ a/ `7 s8 k: ]+ nsigns that household spending is moving more in line with the growth in household incomes./ i# s4 [2 |3 }) ^0 b
Business investment continues to expand rapidly as companies take advantage of stimulative
1 Q% _4 r& k0 vfinancial conditions and respond to competitive imperatives. There is early evidence of a
. ?2 Y; B" y6 \2 Xrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 d+ i, ^6 Z6 X
However, the export sector continues to face considerable challenges from the cumulative effects+ U$ r7 u" [# A7 d" T1 Q+ P
of the persistent strength in the Canadian dollar and Canada's poor relative productivity; ?7 R6 H; d8 d9 @" K) I' x
performance.+ T8 J0 K* @6 {9 ^/ N& z! [9 _ T
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While global inflationary pressures are rising, inflation in Canada has been consistent with the& F# l% Q E+ ^: Y3 ^, o
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the/ C0 j0 j& h) z, L+ @3 I; `
considerable slack in the economy.
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3 H) E6 [" m) m2 C3 T$ zReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
# m7 i' Q/ \7 d& uat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the" C! [7 b; \ k9 U. t5 m3 f
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
$ k: r5 m! e" kreduction in monetary policy stimulus would need to be carefully considered.* x: [7 c" i$ d) m6 }( Z2 N
Information note:" w. u a3 {" d7 e' d3 l- J
$ g& c' s' a* ? G- \% R1 g% s4 vThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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