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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./ n' [4 H+ A7 Q- _
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The global economic recovery is proceeding broadly in line with the Bank's projection in its% v" X/ E, z& N: ]- W# ]
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is4 S' e/ u1 m6 C7 j1 c- M/ U, V! i
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing/ s5 x1 E- A- w% I
challenges associated with sovereign and bank balance sheets will limit the pace of the European) y" _9 M" i( Z+ x% t- y
recovery and are a significant source of uncertainty to the global outlook. Robust demand from+ Q: f% f2 c3 v1 ]
emerging-market economies is driving the underlying strength in commodity prices, which could4 |6 I2 d; K& k
be further reinforced temporarily by supply shocks arising from recent geopolitical events.. O' u- E/ a( q i( N5 V( o
d' ^3 S2 w5 g3 O2 q$ bThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of( H; ~/ m$ W7 L& F$ j& L
the anticipated rebalancing of demand. While consumption growth remains strong, there are
" L( K# k1 D2 D6 isigns that household spending is moving more in line with the growth in household incomes.9 {8 ]" u" E, P- l, [2 x4 l
Business investment continues to expand rapidly as companies take advantage of stimulative0 ^5 c# {- ^9 [# W1 A5 g8 {; j
financial conditions and respond to competitive imperatives. There is early evidence of a
T C; q0 `! y; p+ D9 urecovery in net exports, supported by stronger U.S. activity and global demand for commodities.$ n) I) F/ O5 P, [6 I2 b' V( y. A, d
However, the export sector continues to face considerable challenges from the cumulative effects
; f4 W3 k" m Z! l- e* P/ Nof the persistent strength in the Canadian dollar and Canada's poor relative productivity( q7 M- B# s6 N Z& [! Z" |8 ]
performance.; A3 }9 m4 k/ \; g
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
1 @, o" j. ^0 y% HBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the, v; N5 J8 m% ?# A
considerable slack in the economy.6 @6 \6 V: ?/ P3 {9 T" T4 U
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate5 T+ S0 w& l4 k' ~7 O7 X
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the- t7 m, ~4 d8 ?$ O' U, K1 ^
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
$ `7 R5 e% m! ~6 A4 Qreduction in monetary policy stimulus would need to be carefully considered., b$ E' P' ]. N- M4 t/ h7 r
Information note:. X- E$ l( k9 v- e
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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