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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.
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3 j: F$ l5 c" w6 E" _( EThe global economic recovery is proceeding broadly in line with the Bank's projection in its
) V5 c" a5 Y2 |January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is2 I+ K( O5 a( e: u% E0 | A
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing2 U' [6 S# V6 ^" ~: R+ I
challenges associated with sovereign and bank balance sheets will limit the pace of the European
& C/ H" f! K/ Q. y! Vrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
* Z8 ?3 _1 n3 Gemerging-market economies is driving the underlying strength in commodity prices, which could0 `3 h7 I7 M, D& ]3 ` A% O
be further reinforced temporarily by supply shocks arising from recent geopolitical events.$ ?+ k x6 d6 P1 t1 V' p
% E/ J: G' y7 k7 V9 J" gThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
! D" r# \& T- h, M& H0 _* sthe anticipated rebalancing of demand. While consumption growth remains strong, there are8 V2 O8 q9 g z5 [( d( b
signs that household spending is moving more in line with the growth in household incomes.
4 Q2 D1 e% g% ?; T1 p4 q& Z+ CBusiness investment continues to expand rapidly as companies take advantage of stimulative: R$ V2 ]5 k7 ?2 X
financial conditions and respond to competitive imperatives. There is early evidence of a
- B! X% |, ?* n6 z0 q: Grecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
J) o7 z( W6 S4 [5 `5 cHowever, the export sector continues to face considerable challenges from the cumulative effects% Z, d! E. \# X4 W2 c
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
: d) J5 F% l% [2 D! u6 t, zperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
" l" I; O$ U" l; |- W- m$ lBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
4 A4 M- s' H' @/ R! ]considerable slack in the economy.+ w7 D6 J) a, w" i
6 m5 S( k* @& f3 [! S! \Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
[; @9 u' y/ u6 xat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the$ n0 } e) t" g! f
2 per cent inflation target in an environment of significant excess supply in Canada. Any further( h$ H/ m/ e; ~8 @8 h
reduction in monetary policy stimulus would need to be carefully considered.% A: o3 T3 }. D! X
Information note:: u9 \3 ]8 I- `, w
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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