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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.) d" r8 w3 j8 ^2 i8 o4 ` |7 ?
; z: M9 g! `; [) U2 J: tThe global economic recovery is proceeding broadly in line with the Bank's projection in its3 W A. I+ q# O
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
! g% c6 U4 b+ d2 Isolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
: W0 ~& ^# [1 _; b( z4 a3 `/ Ichallenges associated with sovereign and bank balance sheets will limit the pace of the European
* h( m$ w- D, K* hrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
5 t3 K% [1 b) R' C" gemerging-market economies is driving the underlying strength in commodity prices, which could
% ^% T# {3 m/ Fbe further reinforced temporarily by supply shocks arising from recent geopolitical events.7 _) d9 [. e& m' ]1 M3 g# r1 b9 U
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
8 x4 S$ v$ O# _# V3 Q& g3 Hthe anticipated rebalancing of demand. While consumption growth remains strong, there are
$ Q4 ~7 U% B3 s' j5 U1 F8 Bsigns that household spending is moving more in line with the growth in household incomes.
$ D/ B+ X/ i( r2 m5 d0 U% n2 SBusiness investment continues to expand rapidly as companies take advantage of stimulative3 m S% l) d2 q v0 e8 r m6 k N
financial conditions and respond to competitive imperatives. There is early evidence of a& i+ E( B! I( A c2 r5 r% C8 [
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
; U+ O1 l8 t% R! f+ b9 i# S) P, [However, the export sector continues to face considerable challenges from the cumulative effects
3 b# W$ {! B. Z2 hof the persistent strength in the Canadian dollar and Canada's poor relative productivity0 |* i) n6 ]9 S: O% | v' g% ]" z
performance., R# w1 B5 e( X
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
9 p+ x# h* U: c: e, ~+ sBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the9 ?% b0 b1 i0 U0 R- @
considerable slack in the economy.. X& p2 W5 k8 z- ]& f7 K5 O
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate9 H# I/ D( @$ \$ ]9 S0 Z; s
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
+ u3 G6 T8 m6 `/ l# j8 e2 per cent inflation target in an environment of significant excess supply in Canada. Any further V( h; Q2 |% L% y' [3 i
reduction in monetary policy stimulus would need to be carefully considered.
; B; \; ]; e0 _" [- xInformation note:0 v d, }. g1 g
) H! d. ?9 {/ j+ TThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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