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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.- S3 r! r& R! x. ?( e3 }% ]6 J
4 @" {. f: d) {7 sThe global economic recovery is proceeding broadly in line with the Bank's projection in its8 U# l* j9 f$ l4 k. w$ j; ]) H
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
9 f6 N; s, N* \* o3 Gsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
- W. }; K- H fchallenges associated with sovereign and bank balance sheets will limit the pace of the European* K- V1 p: ?3 @9 q
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
0 `# i& H: q; Bemerging-market economies is driving the underlying strength in commodity prices, which could
- S7 W# |; A3 e. \( kbe further reinforced temporarily by supply shocks arising from recent geopolitical events.- } k" f, m+ h* `8 d; y. t
8 S/ h) d. @# a2 q* W, fThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
& k- v. e8 P0 J( p# Kthe anticipated rebalancing of demand. While consumption growth remains strong, there are/ W6 X' Y2 e! ] U
signs that household spending is moving more in line with the growth in household incomes.
! y% Q. [+ c. x% ]1 ~Business investment continues to expand rapidly as companies take advantage of stimulative* j3 z) n- y% h
financial conditions and respond to competitive imperatives. There is early evidence of a7 ~7 i5 k Z7 [
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.% I6 Y/ ]% p2 |5 b# ^; a
However, the export sector continues to face considerable challenges from the cumulative effects
D; {+ `( _- K' u) u6 |of the persistent strength in the Canadian dollar and Canada's poor relative productivity/ V" f& G5 K' N
performance.
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" {5 k& u2 R. KWhile global inflationary pressures are rising, inflation in Canada has been consistent with the3 H! G/ n" Q, Y( x" [& E/ W
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the4 R+ O W7 `5 s( y' W. w
considerable slack in the economy.
5 T- A5 E+ w$ [& f+ m( @0 @2 f' E9 `2 v- F! ]% I
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
' c: M* C9 e# c: lat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the. \8 F& g* |6 \1 m
2 per cent inflation target in an environment of significant excess supply in Canada. Any further, R: B/ M3 w) H) W& K
reduction in monetary policy stimulus would need to be carefully considered.
1 h- W9 ]& e5 @" H$ h# P# X! U1 p8 uInformation note:/ C/ b0 M( F& X) s2 H m2 \
. G# e a# z. t3 ^The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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