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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.9 E A" {# ~, A8 j! ?( `
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
, [9 X- Z* V2 pJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
3 T2 F) }; N9 {$ ]7 asolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
: G% `: m6 T }4 X# N# _5 Xchallenges associated with sovereign and bank balance sheets will limit the pace of the European' j5 J; V f4 Y, L1 M4 y8 r D
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
3 B4 H6 s, P! j( Q" Oemerging-market economies is driving the underlying strength in commodity prices, which could7 y/ t4 a: \3 x! q* \2 w8 X
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
) Z/ N2 b4 d) othe anticipated rebalancing of demand. While consumption growth remains strong, there are+ r5 J0 N% l$ g4 e( G
signs that household spending is moving more in line with the growth in household incomes.
- V# |2 J! z! d7 R; m+ l) xBusiness investment continues to expand rapidly as companies take advantage of stimulative6 \, I' ^; |& X# W* f' s! |
financial conditions and respond to competitive imperatives. There is early evidence of a: O! z" E% O: X
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.0 o# `8 f: F4 x8 Z
However, the export sector continues to face considerable challenges from the cumulative effects- F8 i) a; O5 G
of the persistent strength in the Canadian dollar and Canada's poor relative productivity" `. u1 Q9 w2 B( B+ F4 ]: j
performance.7 G1 ]; _/ b! u5 u; B
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While global inflationary pressures are rising, inflation in Canada has been consistent with the1 s8 L6 j! y( K, t- S% X
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
& T- f: w; J! D/ ]# K3 _$ l9 S% Xconsiderable slack in the economy.5 p( t) P) j# O! m3 s7 O
) a& g! N5 i7 ~* z0 UReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
$ V$ `0 k; B. p5 w) kat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
9 P( E5 O2 i. g6 B2 per cent inflation target in an environment of significant excess supply in Canada. Any further
+ I3 p z) p# n. ]/ Jreduction in monetary policy stimulus would need to be carefully considered.
1 S& W4 J, B, O' M/ W! B3 ^Information note:( J3 I( F" u" Q
! y: s3 u% q0 ]" ^) \( \* o: H$ }The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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