 鲜花( 65)  鸡蛋( 0)
|
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.
5 C# |2 f$ o* ~% V, r# g6 ~$ V2 T
" t: I6 D; s. W9 u+ J6 t% M9 S8 WThe global economic recovery is proceeding broadly in line with the Bank's projection in its7 X0 I4 Z: k, g" q( _! Y( z; w3 c
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
8 [( S) h# _3 }8 r& {5 Y" ksolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing! p3 a) Q* ]- @! @& s
challenges associated with sovereign and bank balance sheets will limit the pace of the European
/ n) H" A9 ~( Erecovery and are a significant source of uncertainty to the global outlook. Robust demand from
1 n, |# ]+ U8 S' \emerging-market economies is driving the underlying strength in commodity prices, which could6 c2 m* w0 S2 g+ J, K' L3 Z& C
be further reinforced temporarily by supply shocks arising from recent geopolitical events.0 q' J5 B" H3 r7 g) n
" d& d- i4 \ Q3 L0 t% ? @/ d
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of& t6 E2 {! f1 p( B
the anticipated rebalancing of demand. While consumption growth remains strong, there are( |! S; d: |) X( I
signs that household spending is moving more in line with the growth in household incomes.9 G% g) t- r7 E/ T) }( w
Business investment continues to expand rapidly as companies take advantage of stimulative2 y2 V: H y/ Q5 P3 ^9 Z* k3 I
financial conditions and respond to competitive imperatives. There is early evidence of a; |9 K0 W* b/ w+ D6 I0 ^. U$ c; t4 U4 f
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
/ m0 a8 T0 v% s) v; E! [: K) dHowever, the export sector continues to face considerable challenges from the cumulative effects
' z1 Y2 I H' @4 jof the persistent strength in the Canadian dollar and Canada's poor relative productivity
/ [9 |+ @1 J/ x! C: x5 m; _! V1 |7 Zperformance.
+ O. d" }1 J0 k6 H0 U! N
W$ B6 U6 ~( K% b3 K" y' {While global inflationary pressures are rising, inflation in Canada has been consistent with the
) h. T* y2 V: I- Q# d5 RBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
4 b$ |; h* F' i! q/ Kconsiderable slack in the economy.
. } s' ?0 U% Y) s5 J1 u3 G. b1 B: b5 o# z
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
2 }& _1 ^+ ]( T% L8 Qat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the2 n2 y5 P2 P+ f+ x: J$ p" L( A q
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
2 X2 ~" q" J: w: _- j9 P8 J* Ereduction in monetary policy stimulus would need to be carefully considered.' ~1 G3 a8 t3 q9 `, [
Information note:
, n ]1 w9 E: u: ` _, d' H# x9 o
9 k. x& K& v9 J. }# E4 ^/ H4 mThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
|