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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.2 j" D5 V* a0 O# \! p/ Q

' R' I$ W5 m0 k, P+ S* _! X9 O9 eThe global economic recovery is proceeding broadly in line with the Bank's projection in its$ Y, e1 n, C4 k* Y
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
- e$ X) r/ w/ G* Gsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
1 F+ S0 z7 _4 p5 dchallenges associated with sovereign and bank balance sheets will limit the pace of the European' g: @1 G( I" t9 ?' V% j
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
  L! w! }( m  X! b0 |, temerging-market economies is driving the underlying strength in commodity prices, which could
. |: S3 M6 P. q1 P# v+ I& G2 [be further reinforced temporarily by supply shocks arising from recent geopolitical events.
* Q" L: u# [* t; Y" G( [4 Q* p( g8 t  X# f2 k! @6 o
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of% }2 @( P8 K+ m+ H
the anticipated rebalancing of demand. While consumption growth remains strong, there are& t4 N; ~2 U$ ?5 X4 k/ y* {
signs that household spending is moving more in line with the growth in household incomes.* v5 A1 o$ t  F) ]. x' i8 P3 Q
Business investment continues to expand rapidly as companies take advantage of stimulative+ C0 f5 U' G4 |/ _8 F% q- i: ?
financial conditions and respond to competitive imperatives. There is early evidence of a: `9 M2 h0 M4 ~. {$ a# ]' Q
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
, h2 y5 a9 i6 [% X2 G  k' v5 YHowever, the export sector continues to face considerable challenges from the cumulative effects" ~  V3 f* [! V5 ]; U
of the persistent strength in the Canadian dollar and Canada's poor relative productivity3 S: G( {% |" d2 L5 F
performance.
) U& @8 h/ M8 u/ @. y. ^/ R9 u
, X/ p7 d* `- S  S( J# iWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
! B9 A6 Q3 P; {& u, V( x0 e2 U8 v. y7 rBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the( u& X* U7 F2 T$ i  g& O4 U
considerable slack in the economy.
" F& A- m7 j* ~  c  Q0 X, `; I8 m8 Z6 l( x
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate: J8 `( M9 i) y$ a$ c
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the* V2 D% s; D6 b9 f* s, o8 N
2 per cent inflation target in an environment of significant excess supply in Canada. Any further" E( |- y( B  g6 j( V; d: q
reduction in monetary policy stimulus would need to be carefully considered.
! F/ C9 C0 d' A! DInformation note:7 X, Z4 ~- W% r/ r2 Z: u
/ D+ _) J# D4 l% |3 T! K9 s/ j
The 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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