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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.: \5 e. ^* I. Z6 ]/ p& t7 w
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
2 N; F' ~9 E- iJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
( A0 Y+ K3 _" hsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
" S+ `1 {2 B. y$ W5 I- R2 t# Xchallenges associated with sovereign and bank balance sheets will limit the pace of the European" m! K4 v" L7 O ^9 L
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
* u2 M* L4 ~" l5 Yemerging-market economies is driving the underlying strength in commodity prices, which could' ?' C2 {) O: B: x( _; V p9 q+ V
be further reinforced temporarily by supply shocks arising from recent geopolitical events.0 R% ]3 t, y6 k- j
, `% c9 X2 g# Q. \0 L8 VThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of& {: a E. O# a: {( }
the anticipated rebalancing of demand. While consumption growth remains strong, there are
: C; D% N: s7 E- v. f- wsigns that household spending is moving more in line with the growth in household incomes.
: [9 C6 Q% B0 I. D+ GBusiness investment continues to expand rapidly as companies take advantage of stimulative
" o: N4 g5 Y8 ], S3 r* F* Dfinancial conditions and respond to competitive imperatives. There is early evidence of a
& v& B# T: q/ a4 G( L( |recovery in net exports, supported by stronger U.S. activity and global demand for commodities.8 V) Q/ F+ Z' `. x
However, the export sector continues to face considerable challenges from the cumulative effects+ T. U! R: x0 i8 O* b; @
of the persistent strength in the Canadian dollar and Canada's poor relative productivity8 U) Y" T1 c$ c1 x
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
# t( `7 T+ W* a3 [Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the; x& z3 c; j: V7 S0 t
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& d8 X1 C( |7 {* U1 I/ s
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
; H: S6 ?( A( {+ f s1 J2 per cent inflation target in an environment of significant excess supply in Canada. Any further
7 ~) e q2 d7 A0 |: [( s& J9 Creduction in monetary policy stimulus would need to be carefully considered.: v* R9 C- @# a3 x
Information note:0 R* u. N+ R* O1 J4 E
; u1 ? ?$ O# p$ E9 v* u( t5 [! Q/ V) B, BThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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