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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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# u8 g3 R: n1 Q! V9 y% {6 f7 bThe global economic recovery is proceeding broadly in line with the Bank's projection in its
9 Q3 S _' E& [! f; l. v' }' w4 @, eJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is g8 r( G3 h: Y6 ^8 ] x
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing$ b3 | G$ K; T% a9 a4 j
challenges associated with sovereign and bank balance sheets will limit the pace of the European
7 F+ g8 |$ b4 trecovery and are a significant source of uncertainty to the global outlook. Robust demand from
* U6 N' f/ ^7 m( [: \emerging-market economies is driving the underlying strength in commodity prices, which could
2 Z9 E$ o0 H) K! E3 X0 m$ h: ]be further reinforced temporarily by supply shocks arising from recent geopolitical events.% g) {7 k- i8 Y4 M ?7 v4 B) X5 S
& b" S* q. J# y- a0 U2 A/ aThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
K/ }, I+ A+ k* V4 F* G7 Kthe anticipated rebalancing of demand. While consumption growth remains strong, there are; G5 } k2 q$ N) I2 G
signs that household spending is moving more in line with the growth in household incomes.
/ R+ H$ `) Y. C0 p0 I) p$ q0 mBusiness investment continues to expand rapidly as companies take advantage of stimulative
* m6 J, r: P( j6 A/ qfinancial conditions and respond to competitive imperatives. There is early evidence of a
2 s4 b6 ^. P" |* u2 ~recovery in net exports, supported by stronger U.S. activity and global demand for commodities./ C- g; G* `5 I9 k9 C6 t
However, the export sector continues to face considerable challenges from the cumulative effects
: \" A1 H* `5 l$ m5 o4 O- S! \of the persistent strength in the Canadian dollar and Canada's poor relative productivity
7 u( R) w N* }9 f: } v, E9 Rperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
5 ]8 n% {7 f3 f2 [2 ]Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
, Y# Y3 H6 d3 ^# tconsiderable slack in the economy.* E% @% z% h/ o" P, z$ V: ^- a
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
. C9 |8 G* n1 E' O0 |0 f, k l1 \at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the1 K' L' ?* `- S; H0 h: l% _# Q
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
$ C0 B9 U% [0 a' d: qreduction in monetary policy stimulus would need to be carefully considered.
% q& k+ c5 q, {1 p- Y5 P6 RInformation note:. t7 v c" \7 h3 o- q) U
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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