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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
& K- A) H; }6 p; M4 J r2 OJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is) [, C% n. f3 I& Q
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing3 S1 M- c+ T) ~0 @
challenges associated with sovereign and bank balance sheets will limit the pace of the European4 k- }6 w! Q9 Q* L& `0 E
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
2 a( z1 g( f5 E3 Qemerging-market economies is driving the underlying strength in commodity prices, which could
0 z& M5 ]- M) R% I7 Abe 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 F6 c' T; S0 |8 {
the anticipated rebalancing of demand. While consumption growth remains strong, there are* v: l1 w$ [1 A% n/ }
signs that household spending is moving more in line with the growth in household incomes.
& t& A& a3 ^/ b1 t$ jBusiness investment continues to expand rapidly as companies take advantage of stimulative' D. b6 n8 J0 d0 J
financial conditions and respond to competitive imperatives. There is early evidence of a1 r8 o& z& G* `# J( m
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.# Q4 f7 O: ` p! |- X' o1 x8 X
However, the export sector continues to face considerable challenges from the cumulative effects3 c$ [( c- m# \# @# |
of the persistent strength in the Canadian dollar and Canada's poor relative productivity$ q. y2 }' i' }* g: j' @
performance.
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; ~& i% N8 Z- o" {, [& ZWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
% t& o# C& L; J" y9 iBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the) T* m+ ?" h, C+ p1 r1 Z; ?
considerable slack in the economy.2 l5 E7 L. z5 c2 p: w8 m
& f# d# a; U% v( T" z6 a! ?Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
. ?$ r0 }' z |" }& D1 ^2 Q _& _at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the' v" ~+ V6 @/ M7 e" d( j0 k4 q
2 per cent inflation target in an environment of significant excess supply in Canada. Any further5 ]4 O* g1 t8 T: @- }" a& O
reduction in monetary policy stimulus would need to be carefully considered.) V- m. N! U2 R' b7 d
Information note:) E. S- }# M( K* C* r2 g9 }
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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