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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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.
$ k. |4 Y- a+ M9 `
& a; r/ F& `0 ^" u% FThe global economic recovery is proceeding broadly in line with the Bank's projection in its  i- j! Z7 i; o) p3 ^
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is  y; B% t" Q& ?% d6 f
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
: r0 y( r5 S, r1 V' achallenges associated with sovereign and bank balance sheets will limit the pace of the European0 C1 u  }* x. Z, t+ v' l
recovery and are a significant source of uncertainty to the global outlook. Robust demand from) _! d' B2 D0 [2 n6 o! t4 _+ G7 Q
emerging-market economies is driving the underlying strength in commodity prices, which could4 F0 e7 }. F8 Z( G
be further reinforced temporarily by supply shocks arising from recent geopolitical events.5 _% K1 M4 @7 R* p, I  h* r; d

- C) z8 V# n- J# Z, xThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
/ M' D1 J3 {  }* Y* Z7 uthe anticipated rebalancing of demand. While consumption growth remains strong, there are5 u; I8 |/ V' C+ B1 H
signs that household spending is moving more in line with the growth in household incomes.
% J5 y2 R' r2 R0 N5 s( I2 z* SBusiness investment continues to expand rapidly as companies take advantage of stimulative! W+ T  b& Q/ M* }9 w
financial conditions and respond to competitive imperatives. There is early evidence of a
' E3 S0 A2 o. @* S; {recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
0 r' @' F* k$ X9 v  SHowever, the export sector continues to face considerable challenges from the cumulative effects$ A- v) ~$ k' i" P/ m
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
/ G, ~3 H) S: F9 a* {% n5 nperformance.7 o) m5 Q6 p" x: a2 p( x
& q" D0 q1 U% j& ]2 k
While global inflationary pressures are rising, inflation in Canada has been consistent with the- x: I1 Y) c1 A' [  t
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the; L. |2 S# f+ [, [- ?+ M
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# _! j: w3 s" f/ p7 v' f
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the( ?5 p, R$ N8 M9 ?+ p6 S
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
4 ^# d  }# s& a( M" P, a9 [reduction in monetary policy stimulus would need to be carefully considered., ^- x) S& L; f8 y+ e% `
Information note:- y7 U/ @# @# E. a* v

6 ^6 E5 m7 R' S. R$ F2 e4 g# oThe next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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