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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." }2 j& f* t6 N4 \9 ]5 O
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
) u: G0 n. K4 w! R0 T6 qJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is M/ ?9 }0 t/ [# i8 J y
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing5 z. O1 }3 Q7 _+ u$ `$ w$ R
challenges associated with sovereign and bank balance sheets will limit the pace of the European
3 L. s! n6 D* F6 @ F# B* g& Y( F: Yrecovery and are a significant source of uncertainty to the global outlook. Robust demand from0 O# N* Y. M6 E$ d i
emerging-market economies is driving the underlying strength in commodity prices, which could
; I' K0 n: L! O2 W5 e! Ybe further reinforced temporarily by supply shocks arising from recent geopolitical events.1 m$ C- |9 X6 L, r
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of/ U6 p% n2 E0 K9 q. o& g5 W! a
the anticipated rebalancing of demand. While consumption growth remains strong, there are
8 h& ~& r7 M, \3 G2 ssigns that household spending is moving more in line with the growth in household incomes.
+ n& W' M$ @- y6 E0 zBusiness investment continues to expand rapidly as companies take advantage of stimulative
# D! h' ~; m2 x, q/ efinancial conditions and respond to competitive imperatives. There is early evidence of a; T; V. x b/ }4 e+ q$ {+ p
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
$ l2 C* v; [: D7 X4 X/ b7 h- k6 QHowever, the export sector continues to face considerable challenges from the cumulative effects+ _8 t1 z: x6 a. L6 i
of the persistent strength in the Canadian dollar and Canada's poor relative productivity% a. e% Z9 J g& x5 f0 B
performance.
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1 O* |* a) ^ ^3 q( oWhile global inflationary pressures are rising, inflation in Canada has been consistent with the8 Z. f' a+ N1 c& j: @2 a J4 ]* d
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the9 ], j* I# j/ E" _7 ], ^, h
considerable slack in the economy.; k. }/ ]4 n. k$ {! X* b# o0 W
) i# p9 l$ n% y' x& g. _3 Q s zReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
+ F$ `1 z. H, p oat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
3 O6 p- \0 w5 r, X$ W2 per cent inflation target in an environment of significant excess supply in Canada. Any further
1 u& t/ Q, e2 F: F. qreduction in monetary policy stimulus would need to be carefully considered. F- K& s# Z+ \8 J; f4 d
Information note:/ ?' W0 z: \: h) Y6 \
, T1 R) d- N4 rThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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