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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.
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! m, Q# e$ V% ], LThe global economic recovery is proceeding broadly in line with the Bank's projection in its
: @: X# N( p% N) o9 P" `2 e5 lJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
& i4 G+ A7 ]3 M; T+ Rsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing4 c4 W' i% [3 z5 t% ^
challenges associated with sovereign and bank balance sheets will limit the pace of the European
& }) z: |6 p R0 b( o) E' E+ Mrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
, N! v d! K1 d9 T# demerging-market economies is driving the underlying strength in commodity prices, which could
2 z# @7 O6 Q+ A; X2 ^ ]be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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, D6 U- l/ t% {6 zThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of- {1 }; e5 p8 f0 D! B# i1 X
the anticipated rebalancing of demand. While consumption growth remains strong, there are
" g" W+ W6 T% S3 g2 Nsigns that household spending is moving more in line with the growth in household incomes.4 d: `7 x" p9 n* M. W( f7 V
Business investment continues to expand rapidly as companies take advantage of stimulative- T+ p* U7 j- K9 J- q/ L5 b( W
financial conditions and respond to competitive imperatives. There is early evidence of a0 _5 r- z, o h; r8 B0 O1 b
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
7 _; e1 ~2 g, Z& X" b0 i8 U+ cHowever, the export sector continues to face considerable challenges from the cumulative effects
3 ?9 W0 d$ I! [5 H% \4 aof the persistent strength in the Canadian dollar and Canada's poor relative productivity+ \3 W) c: Y$ _
performance.! u" w' s+ c4 [5 F$ u. E
6 E# y2 H9 @" I/ b0 ?' C8 t7 xWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
$ Z" Q5 ]4 Z( M5 a/ GBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
) \: F; W8 j7 D4 |6 E# c X% Aconsiderable slack in the economy.
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) } c5 C- {2 G) HReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
* `( U( _4 ?. N2 s, nat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
- u. y. \7 p+ a8 A! j* @8 a5 n2 per cent inflation target in an environment of significant excess supply in Canada. Any further
3 y9 u" K% f7 T6 wreduction in monetary policy stimulus would need to be carefully considered.9 q# I5 `' L- Y+ I
Information note:3 |9 x6 a. c: h1 j
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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