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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
" i9 w6 k& R" o# R4 {January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
( T) l( b- |" n4 h5 [solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing% C t# u0 A1 O, {" ~2 O
challenges associated with sovereign and bank balance sheets will limit the pace of the European+ A: `! L. m3 @( `7 o9 \" Q
recovery and are a significant source of uncertainty to the global outlook. Robust demand from- t$ A2 V, g* S9 H4 Y4 l
emerging-market economies is driving the underlying strength in commodity prices, which could0 I1 V. ~# _0 d. ^ B j
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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/ ^# N( u2 C$ t6 U1 t0 e* Y4 ~* ^The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of/ O0 C8 Y& H# U3 v* g
the anticipated rebalancing of demand. While consumption growth remains strong, there are& L" C2 x e. K4 r* ^/ L
signs that household spending is moving more in line with the growth in household incomes.
" i6 {7 @8 l0 E. d% _7 Y0 U, [Business investment continues to expand rapidly as companies take advantage of stimulative b, ?4 j0 g; f i* j' i
financial conditions and respond to competitive imperatives. There is early evidence of a
- g' s i7 Y+ ~, X: k- R2 g0 [recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
7 `; P1 G6 [! w. ~4 gHowever, the export sector continues to face considerable challenges from the cumulative effects
* s- H- v: q5 G; G+ b# ~0 U x+ {of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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, K2 Z6 q8 t* m3 }2 }While global inflationary pressures are rising, inflation in Canada has been consistent with the: g* D9 l0 i; A& Q# z0 O* L$ T
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the2 H7 a. Q3 C% w# `
considerable slack in the economy./ b5 W. T t8 j* ]* B6 c, r
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
* n5 ~- ^/ n5 |+ e% Aat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the2 j/ R8 Q3 k6 h. S- m' R- q' h. S
2 per cent inflation target in an environment of significant excess supply in Canada. Any further$ f/ t' l7 k* N7 Y1 _
reduction in monetary policy stimulus would need to be carefully considered.
6 d5 e& T" g$ f) cInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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