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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.) `* Z! g1 F% u& o
, B8 I+ p% _9 V- e1 b" e oThe global economic recovery is proceeding broadly in line with the Bank's projection in its
, M3 W7 ^, R& _* R9 t1 F* v7 X' t8 GJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is# A& y" j8 Y! V% R3 H% v4 w
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
7 g8 \; w+ b! r9 L; tchallenges associated with sovereign and bank balance sheets will limit the pace of the European
" R! u" O4 m8 l6 ~ v P/ C/ Nrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
" Z2 E% j1 C1 x* s/ xemerging-market economies is driving the underlying strength in commodity prices, which could8 ^, W% S7 @; z1 f, ?
be further reinforced temporarily by supply shocks arising from recent geopolitical events.7 F# @: i: t4 S T" s
+ o0 k2 @ d" d* {The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
. j. W- w# N. Sthe anticipated rebalancing of demand. While consumption growth remains strong, there are
; A1 f1 D7 c. _ n5 b F$ {signs that household spending is moving more in line with the growth in household incomes.
2 `% n: _, s$ Y, s# l' f0 qBusiness investment continues to expand rapidly as companies take advantage of stimulative
5 U# @3 G3 u5 F, U! kfinancial conditions and respond to competitive imperatives. There is early evidence of a
2 I4 |- ]! Z2 _1 L4 I& {recovery in net exports, supported by stronger U.S. activity and global demand for commodities.; W" k4 j* L: m! B1 r4 g
However, the export sector continues to face considerable challenges from the cumulative effects' q9 ]' e/ p- q5 R
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
9 q2 o) q2 P& p2 u& E* v5 L2 T2 qperformance.
* E$ r" r& ?/ t) J2 B4 O# W/ n6 ~% n
% a- ]- f0 m9 cWhile global inflationary pressures are rising, inflation in Canada has been consistent with the. H: X. }6 g2 |% A) d* f. Z
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the, h. l3 q* r& m
considerable slack in the economy.8 R/ f! [9 k" F( ?2 D1 C8 @! k
3 d6 P6 R9 R2 w) ZReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
+ `, [. Y( e- M8 dat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the* @( ?3 I: Z% s5 k: h' a4 S$ L
2 per cent inflation target in an environment of significant excess supply in Canada. Any further8 D0 f& r: h- P# R
reduction in monetary policy stimulus would need to be carefully considered.
" a/ T3 G+ b1 \2 k8 _4 l6 fInformation note:* e, F5 |+ L3 r: `2 J, v, Y
% D* v! M& O* n$ PThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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