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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.
6 w0 G, }3 p* L* t, ?$ {
0 S5 F$ w4 J( z( K! R9 }$ p3 SThe global economic recovery is proceeding broadly in line with the Bank's projection in its
6 g/ _( [0 [6 |" z) g, _6 nJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is0 V7 t! P% }  I: p  K6 B8 q
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing' Q% }- s2 @, ?- Q3 D
challenges associated with sovereign and bank balance sheets will limit the pace of the European
5 b. o4 i* b; P& p9 _' {recovery and are a significant source of uncertainty to the global outlook. Robust demand from
, l' Z9 W1 T3 r, J9 M" _; {% nemerging-market economies is driving the underlying strength in commodity prices, which could
1 K9 w) l: {% D2 q" k  c% p4 @6 j- ube further reinforced temporarily by supply shocks arising from recent geopolitical events.9 m. n. P8 M' a- M: H0 M. U9 P: u: z
) o/ U4 H, Y. Z* @$ l
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of+ }2 x1 O0 h1 ]
the anticipated rebalancing of demand. While consumption growth remains strong, there are6 R$ r! I- L- X" H4 n5 v
signs that household spending is moving more in line with the growth in household incomes.! r, \8 P4 c/ I7 @8 M
Business investment continues to expand rapidly as companies take advantage of stimulative
2 B+ @9 ^3 P" [; }8 Zfinancial conditions and respond to competitive imperatives. There is early evidence of a. r& c0 K& X6 n$ _
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
1 N9 {* w8 L: E1 RHowever, the export sector continues to face considerable challenges from the cumulative effects2 Q' ^# v+ |2 C
of the persistent strength in the Canadian dollar and Canada's poor relative productivity! ?5 [1 r1 @1 ?! h$ b. N
performance.
3 H. y( F' ^3 r- M' }+ H7 t1 [5 O8 Z% @! M
While global inflationary pressures are rising, inflation in Canada has been consistent with the
7 t! p# I8 v. I% i5 p1 oBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
  w3 g& l" \, @$ I" kconsiderable slack in the economy.
0 M3 }" w6 J$ R2 A6 A% w8 m; D8 w# Z
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
( B) A+ y/ ~: t; K, w% ]/ C4 rat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the* T* d' J0 z, n% {2 E! B
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
; J1 K+ ~! `/ S5 E* p  Kreduction in monetary policy stimulus would need to be carefully considered.
6 i4 j8 ?- z- |& g0 jInformation note:% T0 q0 C0 r; N' n1 I

8 R$ D2 \! Q3 m: a/ x" zThe 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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