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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.& k" N* K3 c+ ], }, g
. S5 c+ g0 } G2 [6 iThe global economic recovery is proceeding broadly in line with the Bank's projection in its0 _% G' c$ I- K; c; ~2 Q. s( Z: y
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is+ t; W! v( V0 f b5 Q* B
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
" Z9 ~, V+ I" [2 {( u% O3 t! |challenges associated with sovereign and bank balance sheets will limit the pace of the European
' K2 [$ c) [( f5 b& y drecovery and are a significant source of uncertainty to the global outlook. Robust demand from
: I; S* ^/ j7 z' n) Femerging-market economies is driving the underlying strength in commodity prices, which could N# @# i( y! v' Z, g5 U l6 d; j
be further reinforced temporarily by supply shocks arising from recent geopolitical events.6 C# ?7 S4 X" n; Z P: _
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of K, M& w; ~0 \, B4 _
the anticipated rebalancing of demand. While consumption growth remains strong, there are; k6 @8 T- R! ], L
signs that household spending is moving more in line with the growth in household incomes.0 ^. q- G. w3 t0 r. U
Business investment continues to expand rapidly as companies take advantage of stimulative, Y6 M6 _& E2 `* x0 ]
financial conditions and respond to competitive imperatives. There is early evidence of a% Z1 D [0 X2 f. @! L! r; a% v
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.+ {3 Z4 L4 }6 i @7 O0 J
However, the export sector continues to face considerable challenges from the cumulative effects
* Q9 W. O- c% F: e$ tof the persistent strength in the Canadian dollar and Canada's poor relative productivity; G" P4 R: E; c' u$ z
performance.1 ?5 | ^9 P1 m; b1 I) ]4 {0 F
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While global inflationary pressures are rising, inflation in Canada has been consistent with the$ c: N( ^6 w& c( n9 I: L! W0 g
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the/ t8 ^3 a9 \1 m& i3 r) v
considerable slack in the economy.
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/ O0 r+ g/ _* Z+ Y# s) O7 }/ T% EReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate' j) e# X/ M* v5 ^0 w3 v
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
" J* C Y: i O3 d; S- U( }2 per cent inflation target in an environment of significant excess supply in Canada. Any further( h7 _$ ~. w$ W" D9 B
reduction in monetary policy stimulus would need to be carefully considered.
* @: N7 _& }- `: A5 f+ n( I3 J; gInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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