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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
|5 x w9 s8 I$ Z6 w# ? @January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is; c( f2 `5 P6 o; \) M. u
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing7 M t: ]. c2 g. c9 ^4 I
challenges associated with sovereign and bank balance sheets will limit the pace of the European
( L# m2 Y0 t% h9 Y$ ]& B; trecovery and are a significant source of uncertainty to the global outlook. Robust demand from
q/ S% r, c/ L! ?emerging-market economies is driving the underlying strength in commodity prices, which could
. D" z4 T+ O4 B0 d- `be further reinforced temporarily by supply shocks arising from recent geopolitical events.( @2 k# d: o* ~3 W$ X. f2 _& n
1 I" X) O- ^' [The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
0 L, i% _7 @0 X0 [- Ethe anticipated rebalancing of demand. While consumption growth remains strong, there are6 P/ |. ^" p W- F- C
signs that household spending is moving more in line with the growth in household incomes.
4 b$ t' q4 D# V9 mBusiness investment continues to expand rapidly as companies take advantage of stimulative
# K' l' Z/ b: E1 h5 Ifinancial conditions and respond to competitive imperatives. There is early evidence of a
& P0 f7 t: `4 D+ I+ a; wrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.% F7 O4 m6 U' ^+ C* `2 t7 O
However, the export sector continues to face considerable challenges from the cumulative effects
5 |' P3 {% \/ k8 T# |6 jof the persistent strength in the Canadian dollar and Canada's poor relative productivity
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3 d- @) i( L+ Y- Z( _While global inflationary pressures are rising, inflation in Canada has been consistent with the
7 [% t! K3 c9 ~: e3 e, G, Y c0 x1 wBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
o/ D/ G: L3 A% oconsiderable slack in the economy.+ v u2 h: i9 h: j3 U$ m6 N/ J
4 k, t# r4 F0 }$ oReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
' K; E6 m2 a' }$ H( K- h1 _! V+ k* Nat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
& Q$ ^& t/ o9 n1 u' R2 f2 I2 per cent inflation target in an environment of significant excess supply in Canada. Any further' u) |' F6 ]5 p: Z8 m% J
reduction in monetary policy stimulus would need to be carefully considered.
7 @9 N: u9 d$ Z8 mInformation note:
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8 ?: a5 l& @4 {) m: }& rThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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