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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., E2 y# u8 z: P. a
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
I! H- [0 ?& x, U! fJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is) s/ F- Y7 }/ T- \' c: ~+ {" d
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing3 E+ D+ G) {! j1 K( n+ I, q$ W! l
challenges associated with sovereign and bank balance sheets will limit the pace of the European
`- q, B+ H. N, S) Urecovery and are a significant source of uncertainty to the global outlook. Robust demand from
( D3 k2 c6 R6 J7 G) O# Oemerging-market economies is driving the underlying strength in commodity prices, which could) G2 L4 V7 u6 Z- o/ d$ r2 X$ p# b
be further reinforced temporarily by supply shocks arising from recent geopolitical events.$ K+ u" [9 M b9 T% j" j( @$ B
3 t8 e4 {9 d% N) Q ~' x" gThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
/ `- N5 q Z9 S7 z0 l2 F% z" I; Sthe anticipated rebalancing of demand. While consumption growth remains strong, there are
" A) o' p' s: g p' qsigns that household spending is moving more in line with the growth in household incomes.
. G# x% y& T1 ^5 x/ C/ UBusiness investment continues to expand rapidly as companies take advantage of stimulative
/ x2 z5 P4 v& R! I% X& \. qfinancial conditions and respond to competitive imperatives. There is early evidence of a" e K0 [8 a# {) l( S7 [0 B
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.+ t7 B/ z" W( c/ ~% ]
However, the export sector continues to face considerable challenges from the cumulative effects3 v4 r: j' Z$ w7 h( w; t9 P. I
of the persistent strength in the Canadian dollar and Canada's poor relative productivity! i" w# @+ X, C& U, e5 H( \3 e
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the V- N4 p( `7 c, G. g8 v( L
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the0 [% k% a1 v9 t d* v2 F
considerable slack in the economy.
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+ A$ n. ]; {6 `( Y8 w9 B! QReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate5 { J' j6 b. }0 L H/ t
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
7 k \/ e: t& p! }2 per cent inflation target in an environment of significant excess supply in Canada. Any further! e, Q0 a7 R" w1 i, i1 V
reduction in monetary policy stimulus would need to be carefully considered.
! Q& {8 r9 V! U2 y) _0 @0 RInformation note:+ T* N$ ]: \% E- m
$ E8 d8 }5 x# L$ T, ^3 B* V |The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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