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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.& E. H! E4 V( P' ?$ K; |( K$ m! d
" O' p B" \4 {' O8 kThe global economic recovery is proceeding broadly in line with the Bank's projection in its6 m3 ?$ d/ j8 S4 c4 E4 P+ V& G, G! n
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is' r5 j I/ H/ E/ S- w1 ^
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing2 ^: T* N0 K* {; J L& [
challenges associated with sovereign and bank balance sheets will limit the pace of the European
' ] d5 R* `8 mrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
! |( m- o5 }+ }7 S+ Oemerging-market economies is driving the underlying strength in commodity prices, which could
# ^( m/ b6 u: b( rbe further reinforced temporarily by supply shocks arising from recent geopolitical events.: R6 l! T( Y+ y$ l3 ], z
0 l9 W# u d# c" h6 r, MThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of: J6 O2 C' `6 U, f' N
the anticipated rebalancing of demand. While consumption growth remains strong, there are
% G' I; s# \7 k1 w, Qsigns that household spending is moving more in line with the growth in household incomes.
. n2 l, V( V% m: ABusiness investment continues to expand rapidly as companies take advantage of stimulative, D4 `. w1 i' p' L+ M, ^- Z
financial conditions and respond to competitive imperatives. There is early evidence of a
Z3 {2 V5 g: g% G' ]recovery in net exports, supported by stronger U.S. activity and global demand for commodities.5 F% H7 p w8 ~9 I( U
However, the export sector continues to face considerable challenges from the cumulative effects
$ }& I s2 q5 @of the persistent strength in the Canadian dollar and Canada's poor relative productivity+ P. [9 Y. `8 K9 P- s
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the, a# e; ~2 }: d# P# d( w
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the) [9 l l9 @2 z# H$ `
considerable slack in the economy.0 _9 S4 h9 }8 I$ t8 ~
) n# m" V% G& R. _0 {2 mReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate* {9 F2 V" v! m! }9 `! V6 p
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the3 U. |) a8 G% P$ \ `2 ~
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
' p* o) ?! T* i8 [: ?# breduction in monetary policy stimulus would need to be carefully considered." p% D, F, l3 l- P3 E
Information note:( `9 B) s! L9 y" K# O/ c
7 f+ q c9 Y) H* O8 \& NThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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