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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./ j$ b8 F+ J4 D5 @5 r1 R( x
. e/ ]% R* k1 y! h: `8 kThe global economic recovery is proceeding broadly in line with the Bank's projection in its6 ^% F8 R# q2 @; D$ X
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is! _& W; A( V; {; l2 c1 Y
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
6 k9 \- N% N1 ~7 qchallenges associated with sovereign and bank balance sheets will limit the pace of the European
1 _8 ?1 t2 l3 c! i. o0 J6 @% Drecovery and are a significant source of uncertainty to the global outlook. Robust demand from
3 M3 Z" S- x4 Y* F; r/ r8 M: @emerging-market economies is driving the underlying strength in commodity prices, which could
4 T5 R& ^* j: h9 C" {* Rbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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$ g& V3 \& ]4 f6 c, M- oThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
6 g7 |3 }& i( S1 J* qthe anticipated rebalancing of demand. While consumption growth remains strong, there are1 P- N* { P ~; w% e9 l) ^3 Y# U
signs that household spending is moving more in line with the growth in household incomes.) D4 _8 s l3 o9 R4 M
Business investment continues to expand rapidly as companies take advantage of stimulative! A8 m+ H) F* b( m9 x. I# M/ o: ^
financial conditions and respond to competitive imperatives. There is early evidence of a$ ^: r& G5 }# B. z$ `: A' x/ H
recovery in net exports, supported by stronger U.S. activity and global demand for commodities." V( T; _* R) \8 z. z" g2 N' ]
However, the export sector continues to face considerable challenges from the cumulative effects
) k7 W* L. U1 Y3 U. Tof the persistent strength in the Canadian dollar and Canada's poor relative productivity
# e; F) l) \3 Z W+ D2 Rperformance.
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4 }* i8 g, ]% eWhile global inflationary pressures are rising, inflation in Canada has been consistent with the1 K- v/ D2 ~- U
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
6 A0 j8 J5 J$ i T; econsiderable slack in the economy.7 t3 d" T- `+ B% Q3 c: W1 g
! T; M' k! t% @) m% L- ~" zReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate2 \+ H$ _. d7 C
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
+ w/ _' A0 Y' j8 l: K3 h. X2 per cent inflation target in an environment of significant excess supply in Canada. Any further( ]! Y' s1 c( L" V9 `& B4 D" _
reduction in monetary policy stimulus would need to be carefully considered.6 f7 J* K9 F& I. P0 S ?
Information note:
7 B" v: j# j w$ @; [( R9 {
8 }0 e+ g3 q8 |! c7 D4 JThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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