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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 its6 J9 S* K" o0 I1 l) M3 q" R
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
1 S2 ^ F3 P' E/ [solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
2 L, F" O/ U# d9 echallenges associated with sovereign and bank balance sheets will limit the pace of the European' K0 W: u0 m% ]+ h- ^7 `2 [; \
recovery and are a significant source of uncertainty to the global outlook. Robust demand from/ C. T3 V$ T% e1 w. F8 `
emerging-market economies is driving the underlying strength in commodity prices, which could. p8 N7 j1 ?: Z3 G4 d8 X0 [
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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5 y$ p2 d; m$ z/ A% {) U4 H( PThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of$ x2 }- O5 ]; k8 _( r
the anticipated rebalancing of demand. While consumption growth remains strong, there are# t6 R7 m4 ?! |$ ^
signs that household spending is moving more in line with the growth in household incomes.
! P. ?) f; N! R# VBusiness investment continues to expand rapidly as companies take advantage of stimulative
# E: Q( L, Z5 H) g- qfinancial conditions and respond to competitive imperatives. There is early evidence of a
; w. W$ Z M( c+ Q! H4 n$ ]recovery in net exports, supported by stronger U.S. activity and global demand for commodities.6 y, ^4 p6 d* \# I
However, the export sector continues to face considerable challenges from the cumulative effects
. k" {2 j% [3 E2 o. W aof the persistent strength in the Canadian dollar and Canada's poor relative productivity
( h: C* B; i( z5 H* B4 S. eperformance.
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& h9 f: q( g5 T$ _ dWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
% @3 g! a. D- X7 mBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the: G7 M/ O" D3 b* o
considerable slack in the economy., n F0 X1 @6 v- n
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
; Y5 t" i0 s. I. M- n! eat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
' j \* L5 J) P) x b+ A4 Z2 per cent inflation target in an environment of significant excess supply in Canada. Any further( R, o% v, O* j" b, a
reduction in monetary policy stimulus would need to be carefully considered.
6 Y" [+ g4 A( K& P: HInformation note:4 w9 A7 a# W5 x% @9 E
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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