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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.! ]7 Z2 d. v( M- t5 U! d# a
4 _( T+ Y. c6 D1 X0 I- AThe global economic recovery is proceeding broadly in line with the Bank's projection in its
* E8 g9 `" c% C$ ~1 `. G( {' {January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
2 w, L1 F5 K7 B/ E7 M8 H# b& y+ L" i! Z8 Y1 Isolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing" S2 k1 H0 a$ e# t7 ~0 L
challenges associated with sovereign and bank balance sheets will limit the pace of the European/ C9 K" v; X) e/ ?
recovery and are a significant source of uncertainty to the global outlook. Robust demand from5 m" T" z0 N+ Q. T# h
emerging-market economies is driving the underlying strength in commodity prices, which could
9 {" @" k( S* b4 O' O: {+ o0 |be further reinforced temporarily by supply shocks arising from recent geopolitical events.9 E: ^; {$ R% m6 Q( d
' I* M0 G) m) y! e' t* GThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of3 v( b% G V, {
the anticipated rebalancing of demand. While consumption growth remains strong, there are4 L1 G8 M' r1 z5 `9 M) t$ Z
signs that household spending is moving more in line with the growth in household incomes.4 p& ~1 `% v# o/ S6 ]' z: ~- v$ o" u/ Z
Business investment continues to expand rapidly as companies take advantage of stimulative( t" H4 k9 ^/ {" K
financial conditions and respond to competitive imperatives. There is early evidence of a+ C G: O6 [2 s9 a$ P
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.' j9 D/ k- k3 P$ }8 p
However, the export sector continues to face considerable challenges from the cumulative effects. M; C: O% |. ?2 X
of the persistent strength in the Canadian dollar and Canada's poor relative productivity# ?. ]; Y) ~' ~0 O
performance.& Z/ w) x4 n, D% ?# h/ `
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
% M2 H$ V' _/ i0 T+ z) U0 E( ^Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the" y5 c9 F2 s) `2 I9 \5 D( ~3 C
considerable slack in the economy.8 d5 j7 W3 b4 e
# }3 q) F% _0 o XReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate: p( ]* A4 S$ B$ i g1 R
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
" @ S1 O" V0 O2 per cent inflation target in an environment of significant excess supply in Canada. Any further+ q1 W! {3 ` L2 s% L2 H
reduction in monetary policy stimulus would need to be carefully considered.. q3 Q2 U* @' K( _- M
Information note:9 V9 l5 Y! W3 n
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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