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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 its# h: F3 D5 [" k5 e1 ~
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is/ a& P" c7 c0 n- K
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
$ l5 p/ D: }2 w2 k* pchallenges associated with sovereign and bank balance sheets will limit the pace of the European! Y7 C* A$ t2 g \
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
" L7 i; i! ^; a, Q6 m2 T: cemerging-market economies is driving the underlying strength in commodity prices, which could
8 t- c- \8 I$ T9 cbe further reinforced temporarily by supply shocks arising from recent geopolitical events./ a6 c" P8 O) ?3 z( q
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of9 `. D! C( ]4 E- b) E2 |' q3 e9 H+ H
the anticipated rebalancing of demand. While consumption growth remains strong, there are9 h& q" E/ L0 A( F6 j V$ j
signs that household spending is moving more in line with the growth in household incomes.
( j4 q0 ? z. J: b* U, XBusiness investment continues to expand rapidly as companies take advantage of stimulative& U X+ H! `$ o
financial conditions and respond to competitive imperatives. There is early evidence of a6 N' E% q# \/ c3 l7 w
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
& T9 t0 l, L9 dHowever, the export sector continues to face considerable challenges from the cumulative effects4 Y/ j* l2 g' g
of the persistent strength in the Canadian dollar and Canada's poor relative productivity. C' ~' W- R. Y3 Q0 O$ P/ N5 _2 r# x
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
7 E/ |" g% a. D3 l7 b, NBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the7 A% S: B% _4 S( w0 [- O
considerable slack in the economy.: T% U$ p6 Q+ v3 \4 [6 r1 b
5 @' M9 ?% C6 T7 J& EReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
# j& y" W. v3 `) dat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the" @: M: S9 U. c/ \8 M
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
$ @" P" m O7 ~, E# ireduction in monetary policy stimulus would need to be carefully considered.
9 S: d1 m5 S% O; AInformation note:
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0 t( G. b& i b1 hThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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