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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.& R# B( \# [* G- ~
) |; u, W+ N; C1 q: j' K* W5 h7 CThe global economic recovery is proceeding broadly in line with the Bank's projection in its4 E6 u( Q: D( E$ h( }2 _, L3 }1 I
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is) Q" ]( q H2 u
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
. K! H' v# e. l6 V& A& ychallenges associated with sovereign and bank balance sheets will limit the pace of the European
- i, _2 E/ e) `4 H% P; D7 i* orecovery and are a significant source of uncertainty to the global outlook. Robust demand from
3 M/ A$ Y' U. c7 c- }7 n* oemerging-market economies is driving the underlying strength in commodity prices, which could$ H, j! r+ u6 [: N9 }
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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" x0 r- r4 z0 e( A9 ^( S, `The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of$ X# k5 _$ _. ^( A8 H6 d
the anticipated rebalancing of demand. While consumption growth remains strong, there are u; Z1 W9 ^+ Y- w: q3 Z
signs that household spending is moving more in line with the growth in household incomes.# p. T2 `4 L$ ^4 Z. v( k4 o# v S7 H
Business investment continues to expand rapidly as companies take advantage of stimulative- |5 D Z- D8 ]! u
financial conditions and respond to competitive imperatives. There is early evidence of a
5 g" w1 m! j- h) [" G+ s* Yrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
% S! r( C- F- V9 GHowever, the export sector continues to face considerable challenges from the cumulative effects
8 [3 c6 O5 B7 f, o% Qof the persistent strength in the Canadian dollar and Canada's poor relative productivity3 @6 f/ ~7 ~8 P8 C! i
performance.$ e8 w; k3 e. s- f6 W
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While global inflationary pressures are rising, inflation in Canada has been consistent with the3 P7 w4 I; m0 d( ~6 x
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
, e+ P% G( s; F$ l' Pconsiderable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate4 V1 l3 w( c Y% a! T% r
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
; |% s2 p2 D( g1 a- B w2 per cent inflation target in an environment of significant excess supply in Canada. Any further1 y7 p! U$ t+ c: L! V7 @
reduction in monetary policy stimulus would need to be carefully considered.
9 B1 ]3 O" F3 S# a% _& F, PInformation note: h- V* l# K4 H2 `/ k2 B- D) d
6 t" D9 v r* i1 e I' O! Z7 ~The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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