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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.1 h' _9 w! |# |/ `& j
- M; {' @# l( O0 Z2 e7 S( \The global economic recovery is proceeding broadly in line with the Bank's projection in its, r6 p$ H2 I8 Q4 z+ a+ `5 B/ }
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
0 a* l% v8 K4 O) `* W' Y. i8 Zsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
8 B9 T, v3 U% B& e! f) e! X7 {$ _challenges associated with sovereign and bank balance sheets will limit the pace of the European
& I. X$ ?% x2 B0 P! u Z6 o, j. J$ `recovery and are a significant source of uncertainty to the global outlook. Robust demand from/ y5 D! \! i+ W
emerging-market economies is driving the underlying strength in commodity prices, which could
' x2 v1 D# k' A6 l4 |* hbe further reinforced temporarily by supply shocks arising from recent geopolitical events.8 U" T8 `! m8 _& a0 o+ ^
1 W* K2 s$ Z/ E) M" w4 Z) @. l! UThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of, a& u+ y+ v. q5 S+ \. K) ?
the anticipated rebalancing of demand. While consumption growth remains strong, there are: d* y( M6 n/ S0 r: a3 V* y4 o! h
signs that household spending is moving more in line with the growth in household incomes.6 v& Z" |2 n: w3 a
Business investment continues to expand rapidly as companies take advantage of stimulative4 s& g1 A- R+ k8 n. O' L+ ]! Z
financial conditions and respond to competitive imperatives. There is early evidence of a
3 r0 v$ R" G: Q1 L jrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
$ {( V' l" A0 z+ V/ q8 {However, the export sector continues to face considerable challenges from the cumulative effects/ T8 ~; Z; G1 X* V7 ] p; \8 c
of the persistent strength in the Canadian dollar and Canada's poor relative productivity* G0 w! n% h. O7 B5 y& ?
performance.
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6 d4 @& r F2 L- @: U9 u' cWhile global inflationary pressures are rising, inflation in Canada has been consistent with the5 e+ S, p- x7 ~, G
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the4 `0 x9 a" u V+ K6 s
considerable slack in the economy.7 K! H: r4 H$ e
5 y; R: A- n5 L) }' Q9 pReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate2 i; S6 N, k: X/ J( j( R) T
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
& D" r4 U6 R8 |# S! c% {2 S+ _2 per cent inflation target in an environment of significant excess supply in Canada. Any further
2 N0 ~4 A% ~4 Y5 ~4 K3 C, m1 \ ]reduction in monetary policy stimulus would need to be carefully considered.# Y" Z% l n6 l! N, V2 I
Information note:& W# Z& m# j4 f" Q
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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