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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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4 i3 h: b- c$ I0 nThe global economic recovery is proceeding broadly in line with the Bank's projection in its) K' V* `; y4 h) `
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
0 x' f0 c. {' k* e: M: [solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing4 a7 C. G" t S* ^6 F, w
challenges associated with sovereign and bank balance sheets will limit the pace of the European
! p0 }2 o. ~% L" Zrecovery and are a significant source of uncertainty to the global outlook. Robust demand from' v4 l4 } ^: {, y9 l# }; J, c8 D
emerging-market economies is driving the underlying strength in commodity prices, which could
9 X2 U0 ]# ~6 s( \- `9 hbe 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; P5 W* V; H' c9 D
the anticipated rebalancing of demand. While consumption growth remains strong, there are
% C& r b- j: ~! W" f8 ]1 c: l Nsigns that household spending is moving more in line with the growth in household incomes.
+ O) F# u. |* O3 e" gBusiness investment continues to expand rapidly as companies take advantage of stimulative
/ i# s3 @9 y: [ i0 |$ ?0 I7 Lfinancial conditions and respond to competitive imperatives. There is early evidence of a
# q( O: N: s% U# ?% precovery in net exports, supported by stronger U.S. activity and global demand for commodities.
' B9 g$ N. M( qHowever, the export sector continues to face considerable challenges from the cumulative effects
5 x/ H/ n: O9 X0 @of the persistent strength in the Canadian dollar and Canada's poor relative productivity
7 C X5 Y" M Sperformance.
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1 ?* I' ?! ^! jWhile global inflationary pressures are rising, inflation in Canada has been consistent with the4 H# M7 b; ^& c: V- d
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
: g' T R! r) z, r$ _considerable slack in the economy.
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# o3 x' Y9 E' e1 f v- D, f3 O. B/ KReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate3 V' [/ G0 p1 X% V, f& [ m: j) o
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the7 d; U3 _- G4 b( H- \# H* D3 O' f! V- U
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
4 |0 _# d4 |* Lreduction in monetary policy stimulus would need to be carefully considered.2 H- {" d2 K& [! Y0 p
Information note:2 j7 l. N, X5 |
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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