 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.$ n2 \9 \% N2 `9 s1 _$ S
1 G8 J9 o: w/ [$ L1 MThe global economic recovery is proceeding broadly in line with the Bank's projection in its
9 G2 X) l. ^$ [! qJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
5 f! k) T, n ?3 a) r" Xsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
% j/ |) p: ?! W$ @challenges associated with sovereign and bank balance sheets will limit the pace of the European
3 G8 }& Q! w A) _" Arecovery and are a significant source of uncertainty to the global outlook. Robust demand from" D) f" i9 R {) k
emerging-market economies is driving the underlying strength in commodity prices, which could9 J$ e2 V! X) ?
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
l. Q6 f9 p' x4 t
) R/ v( u# I7 i0 EThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of Z' [7 j; A1 I9 ^
the anticipated rebalancing of demand. While consumption growth remains strong, there are
* N" e! q9 k, o7 r' `" P) n/ W8 |4 y& Tsigns that household spending is moving more in line with the growth in household incomes.
M9 p# K0 v" B' L% ^) |( gBusiness investment continues to expand rapidly as companies take advantage of stimulative
. }1 D3 z# b5 I: y- A6 X" Gfinancial conditions and respond to competitive imperatives. There is early evidence of a
- R% R4 H, @& m U+ E" A- [recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
\1 Q" R$ Q) R ~. ^# R9 s! u5 kHowever, the export sector continues to face considerable challenges from the cumulative effects
; F; Z+ B% a. Q: lof the persistent strength in the Canadian dollar and Canada's poor relative productivity
0 v( k" w6 B2 |$ u# {% p" t) ]$ [+ L# U! e, ]performance.
! ?; c' y# `* g* O% P- v0 j$ _4 ?$ I3 ~' k9 v& t6 \" m0 H7 f9 q+ s0 \7 Y
While global inflationary pressures are rising, inflation in Canada has been consistent with the$ U$ Q2 l8 J- y! b6 d m" {
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the' d' D- t7 t# C! M* X
considerable slack in the economy.
/ r) F5 _" k/ B. s. {: _3 n: ]. K) i$ m) v
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate4 h: N) e/ q# P8 y7 P
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the: N2 T8 l# t/ s+ b
2 per cent inflation target in an environment of significant excess supply in Canada. Any further" f2 \4 B( @% a1 l9 |
reduction in monetary policy stimulus would need to be carefully considered./ E u* P3 z! Y3 j( [: Q
Information note:
* b$ E+ A* u& @1 U Q- z2 j% n% @+ B' w) K6 B" P3 {6 k6 W
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|