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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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8 [9 W J) E) j: s9 b3 a8 _The global economic recovery is proceeding broadly in line with the Bank's projection in its8 T+ k, G$ w' f
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
, A- d( y3 Z& F6 [# U; Bsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing g( V5 o5 V9 j$ W
challenges associated with sovereign and bank balance sheets will limit the pace of the European
7 }/ v4 h) V9 ]' [" Zrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
5 m; W: G- Q" |+ _( hemerging-market economies is driving the underlying strength in commodity prices, which could
( N5 d9 l% X1 e R" Q: dbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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7 n" U- A8 D4 j# C# c* ~7 LThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of3 B0 S' W; y( O9 d( o
the anticipated rebalancing of demand. While consumption growth remains strong, there are
, q$ k( [; v6 Z0 N, V( Wsigns that household spending is moving more in line with the growth in household incomes.
" x) h- C" i+ E% f Q9 LBusiness investment continues to expand rapidly as companies take advantage of stimulative
2 ^+ V! V6 h6 e1 d) Afinancial conditions and respond to competitive imperatives. There is early evidence of a, e$ g) I* j$ _3 p0 ~
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 J3 N$ ~6 m# u9 k p8 x
However, the export sector continues to face considerable challenges from the cumulative effects4 F" i3 V9 m" q) n; D
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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- T- r7 p2 d) N( ]0 u0 J0 C7 sWhile global inflationary pressures are rising, inflation in Canada has been consistent with the+ j! O, q4 E3 S- v; @
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
0 B Q. z# l/ g$ c! T# j. N9 Lconsiderable slack in the economy.- |3 a4 `8 ^' y' F& P5 P, U- w
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
7 N; c$ @- \& j! L5 F( K' Wat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
( W: i. y6 A# O; R% P2 per cent inflation target in an environment of significant excess supply in Canada. Any further( o- d* m4 L" ^( ~# ~
reduction in monetary policy stimulus would need to be carefully considered.
1 Q8 D; i% |( r' J) k: c' WInformation note:
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: R# d2 M! j2 OThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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