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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.# y1 H& R& m! H" o0 ]' M& F: E

8 K7 G$ V, b" L. w% R# ZThe global economic recovery is proceeding broadly in line with the Bank's projection in its
6 w# M! }0 r' l+ N) l$ ?January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
3 q0 ]; N- I0 u' |* Asolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
( @7 R2 Q  b/ r) o/ echallenges associated with sovereign and bank balance sheets will limit the pace of the European  n/ p/ h3 v2 I0 M
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
- N% y% S" ~# {% G' g/ {emerging-market economies is driving the underlying strength in commodity prices, which could' M6 w4 j' F0 n% Z# o9 X/ V! f
be further reinforced temporarily by supply shocks arising from recent geopolitical events.* b9 ?; v; M5 c! g8 @
5 D  \4 d1 T# s4 Q* |  K
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
* |" x7 X6 s* E9 z+ d# X5 Ithe anticipated rebalancing of demand. While consumption growth remains strong, there are
4 u4 e$ h* Q7 O: }! esigns that household spending is moving more in line with the growth in household incomes.$ W# E& ^( V/ t; q$ L
Business investment continues to expand rapidly as companies take advantage of stimulative
. H3 a8 A! Z' D- b0 Rfinancial conditions and respond to competitive imperatives. There is early evidence of a: D- @: ?" H  G4 a, f
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
. ~3 Z% a* w- o  \However, the export sector continues to face considerable challenges from the cumulative effects
: t2 B, ?' z, W% L: S" h1 B: dof the persistent strength in the Canadian dollar and Canada's poor relative productivity
& z6 ~1 B$ O2 G* Y& Q) @performance.
8 m! J' o5 [6 b2 R$ s2 `6 R0 d- b/ L0 z4 _
While global inflationary pressures are rising, inflation in Canada has been consistent with the
: v. X+ \' r0 }/ nBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
/ ~  X+ P* x" m! n) bconsiderable slack in the economy.( h2 s1 A! y  @4 Y% l
- m  U* q& |' L: b, v5 p8 {8 [  h0 P
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate4 i; Y4 Y/ ?( z
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
# p! K2 t7 r9 G' L  w. [  r7 n2 per cent inflation target in an environment of significant excess supply in Canada. Any further
, v2 S' X; w) H' Qreduction in monetary policy stimulus would need to be carefully considered.
$ j# b$ d2 }2 Q2 CInformation note:( j7 i' a  Q, U: w0 G

. |  k' B0 J$ H0 F, BThe 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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