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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its
# ~- R; }' w* v$ z% J6 v$ pJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
- j3 t& t' X- p3 ?. ?solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing& p! f. j& m8 s2 I( j" a
challenges associated with sovereign and bank balance sheets will limit the pace of the European
: I/ |3 g/ v ~: d' ]recovery and are a significant source of uncertainty to the global outlook. Robust demand from/ Z/ l. B5 X* R; L4 o! ~0 j
emerging-market economies is driving the underlying strength in commodity prices, which could
! v. L$ s5 X* h" p0 Jbe 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 of4 Q6 F8 r) J: ^5 z
the anticipated rebalancing of demand. While consumption growth remains strong, there are8 W5 S% w: c2 t0 U
signs that household spending is moving more in line with the growth in household incomes.5 Z8 W5 k n3 \& w2 v$ v; g
Business investment continues to expand rapidly as companies take advantage of stimulative
$ J3 k# ?4 ]( zfinancial conditions and respond to competitive imperatives. There is early evidence of a- Q7 r. w+ u: {1 o O7 j# [# c+ [+ o
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
p/ H, H/ s# A6 r- J+ sHowever, the export sector continues to face considerable challenges from the cumulative effects
1 c: m$ b: b6 }( V& Vof the persistent strength in the Canadian dollar and Canada's poor relative productivity
3 T: h/ A9 X0 k9 y% Bperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the/ D; K' g& K3 f& A' B
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the, b7 o& X% G$ ^4 [6 t# I; d; D
considerable slack in the economy.
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0 P y0 b. m' }* G- O& F |Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate5 L+ j) `! n. Y8 M% L
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the1 Y6 i! T4 D+ @
2 per cent inflation target in an environment of significant excess supply in Canada. Any further0 _3 _1 ~& R/ C) \" K
reduction in monetary policy stimulus would need to be carefully considered.
+ T8 g( B. C- d" M9 U2 s/ D1 w: f4 HInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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