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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.# Z: \7 A& ?3 f) o; Y0 n) T
$ m) h+ v  z. y2 j" |* M( w) _; \
The global economic recovery is proceeding broadly in line with the Bank's projection in its
7 |# a+ a8 ~1 u, nJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
" l8 d* m7 d/ Nsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
5 y* K/ k0 p5 s9 k, S6 h  \; w/ lchallenges associated with sovereign and bank balance sheets will limit the pace of the European9 L/ ^9 K1 H. i. o
recovery and are a significant source of uncertainty to the global outlook. Robust demand from1 `$ G; {, s8 X% Y/ I( X" J) ^
emerging-market economies is driving the underlying strength in commodity prices, which could
/ @& d, B4 n) y. D9 Q/ r% x" d* v: Q- lbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
, o4 b' f! x  G* E2 F" w# j( R* [7 b6 K0 ^, b/ a$ J5 N, z0 m* F
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
. i" j3 y% h2 g6 Bthe anticipated rebalancing of demand. While consumption growth remains strong, there are
) l  j3 z  V( \3 J( \/ \8 jsigns that household spending is moving more in line with the growth in household incomes.
0 _, Q  D1 e: z% ^Business investment continues to expand rapidly as companies take advantage of stimulative
4 U9 ?7 w6 T  S9 D- ofinancial conditions and respond to competitive imperatives. There is early evidence of a/ W/ ]7 l, _+ q" x" R# l% ?
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
& Q' I5 p4 O, R5 }0 yHowever, the export sector continues to face considerable challenges from the cumulative effects
( S, B2 F+ s0 q" N, r( O9 f/ `of the persistent strength in the Canadian dollar and Canada's poor relative productivity7 |+ t9 T7 x# Z6 h0 q% G1 O
performance.
$ D& I& w/ v9 [" o" u% `( j8 l1 s4 @- P; L; n, y7 k5 E0 a9 A
While global inflationary pressures are rising, inflation in Canada has been consistent with the
4 i, B) F4 `! r# hBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
' `; a% A. v: B6 w* D: cconsiderable slack in the economy.
4 O& v2 T( D' t
( Q" l( Y8 Y: m$ rReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate$ r5 X1 D  C: j
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
. i, X/ R  g  M4 t; Y2 per cent inflation target in an environment of significant excess supply in Canada. Any further
6 H' W1 z' h+ u6 K( J3 U  Zreduction in monetary policy stimulus would need to be carefully considered.
0 m+ s: t! e/ v! B; v# W7 ^Information note:
/ @. S/ T! b3 `% j4 i, @& ~; h8 t5 `1 ^; O( X  \* f2 j5 J& y7 t
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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