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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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' V- z" E8 u/ t% H# J! pThe global economic recovery is proceeding broadly in line with the Bank's projection in its
0 j# S5 I. D- B x9 E1 @% w( Y' yJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is. a$ W6 U- r' L g8 x
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing3 z4 e/ l/ a/ Y/ l3 o
challenges associated with sovereign and bank balance sheets will limit the pace of the European
- G) E2 I* i0 |9 ]: t" d" F# n% qrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
/ x M/ k1 [8 \2 \7 h3 [( @emerging-market economies is driving the underlying strength in commodity prices, which could0 B/ A2 F4 Q" w8 |$ R
be further reinforced temporarily by supply shocks arising from recent geopolitical events.& W& |+ D$ {% X% u5 S
9 T B% M+ y1 q& s1 Y) T& GThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
: g ]: Y& u% Y% ~the anticipated rebalancing of demand. While consumption growth remains strong, there are
- ^# W' c+ n% j7 {: }- r8 x- Qsigns that household spending is moving more in line with the growth in household incomes.
( |% U) l1 G: a% b# cBusiness investment continues to expand rapidly as companies take advantage of stimulative
, S" f1 z V: p! Kfinancial conditions and respond to competitive imperatives. There is early evidence of a
8 \3 g% v Y4 w {0 p$ `recovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 o8 \& H# j# n8 w% O* f( r
However, the export sector continues to face considerable challenges from the cumulative effects
( D0 M& n+ k1 S0 v, A2 O/ }of the persistent strength in the Canadian dollar and Canada's poor relative productivity) y: a+ H. l3 Z8 f$ ~3 ]1 P$ U9 j; i
performance.
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, z, P, z# [# yWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
* g5 F& W& f; k7 O, t2 j+ p5 k( uBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the6 R% Q, y; C+ X; u. m# O, j, \1 t
considerable slack in the economy.8 I2 K% ^3 i9 m6 u( ?
0 } S# O9 O& X- |, RReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
4 t5 t( q8 ^3 C6 P. [4 o1 Xat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the# @+ Y$ \: T: K& e
2 per cent inflation target in an environment of significant excess supply in Canada. Any further) {" y7 H% A3 D. l9 E3 u
reduction in monetary policy stimulus would need to be carefully considered.! J% q& W- \- N/ r, ?9 |/ d
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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