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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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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! V. A; P* ?5 O6 rThe global economic recovery is proceeding broadly in line with the Bank's projection in its6 y3 T/ L  e3 a+ p
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
( O; }, M& }; N& m# ysolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing* \, n* H' k; @: x$ m1 p' W
challenges associated with sovereign and bank balance sheets will limit the pace of the European
5 m) U: \2 |2 j' s8 R$ ]1 D8 [recovery and are a significant source of uncertainty to the global outlook. Robust demand from5 [; K( i( o2 }8 R8 I  W. B+ x
emerging-market economies is driving the underlying strength in commodity prices, which could
+ X0 D" a) z8 A9 v1 r+ F, Ebe further reinforced temporarily by supply shocks arising from recent geopolitical events.
: i. h# \, y' P6 `! u1 R% P. M
9 \8 @$ F+ I- [: t/ d- |The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
+ A! d9 P6 i9 @; g) u! N1 Hthe anticipated rebalancing of demand. While consumption growth remains strong, there are
  |6 k' Y1 e$ z- M% Rsigns that household spending is moving more in line with the growth in household incomes.
( w# v' s4 d# i3 rBusiness investment continues to expand rapidly as companies take advantage of stimulative5 b6 O) J3 g' m5 m  ]) M& j. c
financial conditions and respond to competitive imperatives. There is early evidence of a9 V* P" V: @2 ?0 m; E- \
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
$ ?! O4 q  f" D9 ?6 t# W3 J; h/ hHowever, the export sector continues to face considerable challenges from the cumulative effects! W) w! R0 h. V
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
  t( Z7 l: G1 x, e, C$ a& Hperformance.8 k1 P" e! k# t6 I
) \- f. d" O( P
While global inflationary pressures are rising, inflation in Canada has been consistent with the* y4 ?( d7 \! I! Y
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
6 x% S* ?: y5 ^, cconsiderable slack in the economy.
' m" ~+ P7 Y1 B. `
. e8 D. c: x7 w2 f0 ], x& ~+ nReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate- A2 |* @- W- c" l! j. B
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the; U  P$ n0 ?9 F' W! z2 h
2 per cent inflation target in an environment of significant excess supply in Canada. Any further1 I; ~% g+ J, w) K  ~
reduction in monetary policy stimulus would need to be carefully considered.: Z  H9 `( Z/ Y4 E
Information note:
7 Q2 r# t4 H& j. h# B; q* O5 Q
3 J* C" |; C! {The next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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