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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.* F& s% ? u/ `% _! ~6 m9 x% e" X
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The global economic recovery is proceeding broadly in line with the Bank's projection in its$ v4 g; E; R% r
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is4 s$ u& l) f) Q# R o8 z" S
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing& x$ e1 C& A" Y! w' W) W5 A
challenges associated with sovereign and bank balance sheets will limit the pace of the European( C4 d& O; Q* O
recovery and are a significant source of uncertainty to the global outlook. Robust demand from0 N' N" |8 }( h1 F; L5 F4 C( h
emerging-market economies is driving the underlying strength in commodity prices, which could
9 n2 u* d* T" `2 Nbe further reinforced temporarily by supply shocks arising from recent geopolitical events., |+ ]1 J# f0 v
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
6 G- n' i, o' F. S/ J4 d5 H7 wthe anticipated rebalancing of demand. While consumption growth remains strong, there are9 F1 p U1 q- V
signs that household spending is moving more in line with the growth in household incomes.
( T$ c2 o$ r1 Y* P- uBusiness investment continues to expand rapidly as companies take advantage of stimulative" X3 @( V* V- y$ i) @! @4 j
financial conditions and respond to competitive imperatives. There is early evidence of a
$ C4 |; w4 J) M% q# ^. krecovery in net exports, supported by stronger U.S. activity and global demand for commodities.7 f8 y( c7 `; N3 F# ]$ d. B- ]1 Y( V
However, the export sector continues to face considerable challenges from the cumulative effects
, g5 g. J3 l1 N9 ~7 L! o8 q* [of the persistent strength in the Canadian dollar and Canada's poor relative productivity
, }- L7 f+ y& Z: operformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
& ]4 k% v a" H9 j+ D9 M- d/ aBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
. m8 L% @9 Y5 x1 N( ` Dconsiderable slack in the economy.( B' k u5 b! c! ?: b
* N+ M1 @8 `4 \" d/ l$ GReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
% E4 e) f' O3 X/ T, gat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the& {, n- U( G/ G! S& Y
2 per cent inflation target in an environment of significant excess supply in Canada. Any further1 S$ e9 h8 V: S6 ^! w6 O
reduction in monetary policy stimulus would need to be carefully considered.
: q8 ?; K* q+ T7 a" l$ d; b8 AInformation note:1 c/ ^) r, y- U# N7 P
3 J6 K6 n: H& w, t# wThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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