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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./ H- F2 A% I* {2 I/ q; K

( C& D/ p' F* {% ~. e0 ~' ZThe global economic recovery is proceeding broadly in line with the Bank's projection in its- b1 V& V8 W4 \7 s7 n* v
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is1 N( _4 ~1 [0 y* l/ z
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
/ _' z; ]) F+ l* wchallenges associated with sovereign and bank balance sheets will limit the pace of the European3 |- A2 o0 \* r( s+ \
recovery and are a significant source of uncertainty to the global outlook. Robust demand from4 k, N% [" u' a* m: G
emerging-market economies is driving the underlying strength in commodity prices, which could
- s; [3 p' j4 L. Ebe further reinforced temporarily by supply shocks arising from recent geopolitical events.$ Q- ]2 G* b" Z5 U

" f) T( s. B& K6 S- u: t( g5 TThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
0 Q( s# ]6 N& H$ N6 E( c) Hthe anticipated rebalancing of demand. While consumption growth remains strong, there are
" i) X0 C2 d* c- y; @5 Nsigns that household spending is moving more in line with the growth in household incomes.- @3 u% V/ o2 a$ f; w& r, N
Business investment continues to expand rapidly as companies take advantage of stimulative- s, [$ i) ^# |4 [" T
financial conditions and respond to competitive imperatives. There is early evidence of a
( |- M: K$ _" Precovery in net exports, supported by stronger U.S. activity and global demand for commodities.+ i; J, G/ v) `8 z. h
However, the export sector continues to face considerable challenges from the cumulative effects
' ^! H0 M( ^5 Kof the persistent strength in the Canadian dollar and Canada's poor relative productivity
! @) z% T( o" i/ A1 sperformance.
2 B: s8 g/ p, u3 U! p
. s* ^$ j' s  C; _: a2 k, G: bWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
1 g0 C& s6 Q( UBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the3 P+ T- E& G+ {, v2 s  i0 I
considerable slack in the economy.
0 H' N8 o9 w7 ?; F& M+ }7 L4 I$ Q8 n" T5 K1 Z
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate* u) }1 R. M+ x6 D9 d9 [
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
; ?' c& v. E. ?% X2 per cent inflation target in an environment of significant excess supply in Canada. Any further" a. C0 a" h: ?. n
reduction in monetary policy stimulus would need to be carefully considered.- V6 X' V' u) c! Q  x
Information note:7 x2 G# i5 t5 X
$ j& U9 w7 J7 s/ U- ?! P$ f
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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