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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.5 A; J0 {* Q- P# E
) L6 y4 w' _8 bThe global economic recovery is proceeding broadly in line with the Bank's projection in its
# N( |- _& a ?: @2 u1 tJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is5 T7 ~2 o- _% P
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
4 i& X9 b) l W, t3 j) Echallenges associated with sovereign and bank balance sheets will limit the pace of the European
5 ?1 e+ }1 t [9 k2 @7 srecovery and are a significant source of uncertainty to the global outlook. Robust demand from* g7 L4 W j6 f( f, F% p! p4 s
emerging-market economies is driving the underlying strength in commodity prices, which could% Z- {8 f \/ R% z: F
be further reinforced temporarily by supply shocks arising from recent geopolitical events.9 [) T2 ]! l q+ o! ^6 c
! y8 v9 }0 j- Q2 f$ GThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
: o' \& y9 ^4 L0 r: h; Qthe anticipated rebalancing of demand. While consumption growth remains strong, there are7 |, N. Y; v' q6 g. T
signs that household spending is moving more in line with the growth in household incomes.
% H$ O- |, \5 H, l; }Business investment continues to expand rapidly as companies take advantage of stimulative: f8 F4 a$ D s
financial conditions and respond to competitive imperatives. There is early evidence of a
- ^0 Z4 f l& S& h' Zrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.; x: F4 e! _; ]0 @
However, the export sector continues to face considerable challenges from the cumulative effects' |9 [+ Z1 }! D) X+ e1 Q0 s# M
of the persistent strength in the Canadian dollar and Canada's poor relative productivity) n4 h! ~! e7 o% ?: X
performance. j4 G; {. `0 g% ]" s% @5 Y4 g, Q
5 g$ g. z6 W. c. L0 b4 P+ S4 \While global inflationary pressures are rising, inflation in Canada has been consistent with the! k ~/ Y$ O9 Q/ v! ?
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the5 \, {0 T; X: Z' G. _& t
considerable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
, A& S& Y& V& i4 R. `/ hat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the5 ?8 q* e" O4 k! I, g/ v
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
/ ` r' b/ r4 C! U- d/ @( Sreduction in monetary policy stimulus would need to be carefully considered.* e" z1 Z2 l p; f0 N j7 R+ B
Information note:3 y7 a% @1 O `* ~
. _$ n* a e6 u3 h' {
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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