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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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: t( G6 b( \3 g* wThe global economic recovery is proceeding broadly in line with the Bank's projection in its) r6 ^0 p, Z- @' f0 Z
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is9 m Y. r9 Y. a! F3 d( E9 i4 ]
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
6 V, I% Q6 R: w {- zchallenges associated with sovereign and bank balance sheets will limit the pace of the European' C/ p4 q. X% ]5 m+ b
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
2 m: {; c6 |. k: _$ B2 d8 H! |emerging-market economies is driving the underlying strength in commodity prices, which could. ^0 S) r8 V0 m" n$ K
be further reinforced temporarily by supply shocks arising from recent geopolitical events.* T2 x) {6 a4 ~
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of7 m) Z6 I5 ]% r: w0 N
the anticipated rebalancing of demand. While consumption growth remains strong, there are
& w! \1 o* C" u/ K8 Asigns that household spending is moving more in line with the growth in household incomes.
4 n& _# N+ P; qBusiness investment continues to expand rapidly as companies take advantage of stimulative
E2 P# f3 _; ~. H0 j1 z8 D! ifinancial conditions and respond to competitive imperatives. There is early evidence of a
6 Y6 A8 f |+ Grecovery in net exports, supported by stronger U.S. activity and global demand for commodities.9 R% F5 ]' U6 t0 x& B2 s5 b
However, the export sector continues to face considerable challenges from the cumulative effects
% T, E/ E5 s2 j7 z- e5 Bof the persistent strength in the Canadian dollar and Canada's poor relative productivity2 g3 B+ y3 R' A+ q, a/ I! e
performance.
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9 g3 W, B3 N' `: a) s( N8 mWhile global inflationary pressures are rising, inflation in Canada has been consistent with the$ m* q0 |* ]8 U8 J5 _; w: g
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
/ k9 F3 L! `* gconsiderable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
i( n% e. e- t4 h; x. Y, }) kat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
6 w$ h( K& f2 Y: H4 y) C# o2 per cent inflation target in an environment of significant excess supply in Canada. Any further' k* n0 @ n" ~) K
reduction in monetary policy stimulus would need to be carefully considered.2 X* i M1 _/ F8 S1 Z
Information note:
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" y/ \) w% v/ C K, hThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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