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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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. g/ d9 \" S0 x9 o3 j- d' n4 mThe global economic recovery is proceeding broadly in line with the Bank's projection in its, y- Z0 l' b; G' u
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is, d6 Y7 m1 O& c( k2 C% K1 U, H6 u
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
# ?5 l) L' g. q5 z( c, Dchallenges associated with sovereign and bank balance sheets will limit the pace of the European: c! p0 ~( z, J e& l: G
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
4 S. b" Q9 F o! q6 _6 }emerging-market economies is driving the underlying strength in commodity prices, which could- v" R5 t/ ^: t: `
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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9 m- D4 [. l& ~" v4 FThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
! y# Y8 e8 W8 B5 }/ ]: U( t1 E7 V4 V) tthe anticipated rebalancing of demand. While consumption growth remains strong, there are
; p6 v! Q: Y6 q4 ^8 w( Y( m9 f1 Msigns that household spending is moving more in line with the growth in household incomes.
+ {* `& a5 h! m; }9 d: e nBusiness investment continues to expand rapidly as companies take advantage of stimulative
. N8 m6 N8 P1 T' l) M( m3 m+ hfinancial conditions and respond to competitive imperatives. There is early evidence of a- f, P6 A- v5 R
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
! h$ o6 L! b) ~7 }" q: Z1 D+ WHowever, the export sector continues to face considerable challenges from the cumulative effects
" Y8 L% `1 Z) T1 ^3 uof the persistent strength in the Canadian dollar and Canada's poor relative productivity' U; w6 W- L7 U/ o8 c( Z8 x
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
# k1 K& N5 i8 u* w1 J: sBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the0 f' N; Z1 \& |/ Q1 ~/ {# B( `1 D
considerable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate* `/ F. |8 ^" t2 a8 _, l, S
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
! K4 `% ?$ ]" `: ~: R7 A+ H) c, Z2 per cent inflation target in an environment of significant excess supply in Canada. Any further
2 M# n1 C. g. E8 c5 l# O, e! z4 A, Mreduction in monetary policy stimulus would need to be carefully considered.
( w/ d7 P2 f0 s0 `6 N& nInformation note:. l1 {+ c: ?: w
% Y% R; c' Q8 G4 |: s" X- k9 Q) UThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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