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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.( E) Y% K5 w" m- J. n" J0 S2 Y
- r! T+ _: b- n. FThe global economic recovery is proceeding broadly in line with the Bank's projection in its
& Y E. W2 U4 c! O/ z) {4 y9 TJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is- _# k2 Z% V' R
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
, M+ W! X5 C# w! p& xchallenges associated with sovereign and bank balance sheets will limit the pace of the European) }- H/ \6 R, u3 `. C, n
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
% V1 k5 t4 o G6 i! {+ Yemerging-market economies is driving the underlying strength in commodity prices, which could
' X' x6 y) O3 k1 Xbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
- |) K# w r0 y) |+ g6 ]" ythe anticipated rebalancing of demand. While consumption growth remains strong, there are
! P) {- n2 A3 e* B3 @signs that household spending is moving more in line with the growth in household incomes./ g5 m C+ o9 j8 f6 t& m
Business investment continues to expand rapidly as companies take advantage of stimulative, Y: H8 m- P( z$ f! Z, {. S
financial conditions and respond to competitive imperatives. There is early evidence of a1 z9 x7 V J+ i. m8 w+ q
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
! i8 P2 O; q) f; BHowever, the export sector continues to face considerable challenges from the cumulative effects
; f6 k0 t3 z6 h5 d* v; {of the persistent strength in the Canadian dollar and Canada's poor relative productivity7 g" A1 p( M8 C
performance.
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' j2 p0 i U, {: _0 Q @3 HWhile global inflationary pressures are rising, inflation in Canada has been consistent with the* [: f# P" G2 n7 l
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
. M; p0 h7 h7 a0 ]# }. y$ aconsiderable slack in the economy." E X7 Z" H ^8 ~) z
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate, z! j6 @, T S1 Q# B
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the# H3 t& G% m; \
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
$ D+ u; I; I* Y: [reduction in monetary policy stimulus would need to be carefully considered. p0 M) b. Z' D, L3 `
Information note:
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c) c4 G4 h aThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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