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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.) [( Z" l' D ^
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
( y* z$ b) C$ e/ K4 }January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
( W2 o3 @7 q9 W7 c4 Nsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
3 M. ?' s0 W: Z9 }! Qchallenges associated with sovereign and bank balance sheets will limit the pace of the European7 s2 B- e( t9 s8 l
recovery and are a significant source of uncertainty to the global outlook. Robust demand from+ J- j: V+ p: }* |8 X0 Q% b: O$ \
emerging-market economies is driving the underlying strength in commodity prices, which could
' j4 x* S5 b6 e$ A$ { y; lbe further reinforced temporarily by supply shocks arising from recent geopolitical events.$ ^5 B \: t" f" P1 ?8 c; z
8 ]* C7 s# `9 K7 D% j/ U4 K* QThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of- X' S3 Y0 p ~$ t
the anticipated rebalancing of demand. While consumption growth remains strong, there are
4 r, D* D& ]7 c3 w" Osigns that household spending is moving more in line with the growth in household incomes.
9 J( g+ k/ |0 a4 F- ?/ I* ?Business investment continues to expand rapidly as companies take advantage of stimulative
# f0 q- d3 ~, afinancial conditions and respond to competitive imperatives. There is early evidence of a
- d8 M# [3 d4 o0 j3 ?4 {& W, p" urecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
( F6 q6 K- @; n) hHowever, the export sector continues to face considerable challenges from the cumulative effects2 `5 {5 V# A) v [ i
of the persistent strength in the Canadian dollar and Canada's poor relative productivity2 m5 ^3 h0 P v9 {! M) P& j
performance.6 [6 N7 z$ O0 X5 u; z
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While global inflationary pressures are rising, inflation in Canada has been consistent with the# C/ t8 z- d3 D/ ~( |7 i# |
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
Y; f2 N/ l+ B- u1 y& s1 Pconsiderable slack in the economy.
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. A. {! u( e$ G' X& NReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
5 Y9 ~9 z( L: l* x+ O6 oat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the# r' O( h; M+ C& u
2 per cent inflation target in an environment of significant excess supply in Canada. Any further9 u' Q. p2 n2 C( m8 ~ A
reduction in monetary policy stimulus would need to be carefully considered.
- A( w7 V5 X6 H8 e4 oInformation note:$ f0 ^% M1 a2 W" g0 E
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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