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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.! t3 \0 p, a7 \5 k4 t! |# D) @
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The global economic recovery is proceeding broadly in line with the Bank's projection in its# n0 h `7 Y' J: c: v1 i
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is* Y3 Q5 S" h' ^+ N
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
, o U: }1 s, t" Ychallenges associated with sovereign and bank balance sheets will limit the pace of the European4 ^! G0 `6 ~3 j( C* t6 h$ D
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
7 S! y% a' B: qemerging-market economies is driving the underlying strength in commodity prices, which could
" f: C6 e* j. T1 Fbe 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& y7 p* V+ Q9 T: y( s
the anticipated rebalancing of demand. While consumption growth remains strong, there are
5 o6 h0 p9 _! v0 k1 F) c, n% X3 fsigns that household spending is moving more in line with the growth in household incomes.& j D6 r6 K7 w# g
Business investment continues to expand rapidly as companies take advantage of stimulative, A5 U3 b1 }* w9 v
financial conditions and respond to competitive imperatives. There is early evidence of a8 Z' [- ^+ V I: X4 e" N7 x/ o+ u
recovery in net exports, supported by stronger U.S. activity and global demand for commodities. ^9 l- C+ ^/ [* O: a ~* J0 n- O
However, the export sector continues to face considerable challenges from the cumulative effects0 r: Z! Q s9 @
of the persistent strength in the Canadian dollar and Canada's poor relative productivity/ c; {0 }" S [) j' n/ R# I
performance.+ Y, W" n8 L. U4 t9 N, v C
" t0 C$ [+ }6 p2 T5 e# GWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
6 u4 p6 Z! r3 U2 W4 {4 l1 j7 wBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the H# h; S; F% ]
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$ @' o F A$ s; m
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
5 r8 ^; k. W8 m2 per cent inflation target in an environment of significant excess supply in Canada. Any further
# m) `; T- g7 J# F2 Y: ]reduction in monetary policy stimulus would need to be carefully considered." @* a2 K/ I# B. o
Information note:, c1 G; I) M/ {0 A5 z% e
2 h% U' H2 V- v7 IThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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