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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.- U2 \" X' o0 N( `! e' x4 r* G
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The global economic recovery is proceeding broadly in line with the Bank's projection in its9 n- G) V+ U; z2 L
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
# g( d: {- |" T8 s1 c/ Asolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
! Z7 O' r+ b: J2 Zchallenges associated with sovereign and bank balance sheets will limit the pace of the European1 X1 g' Z. l4 M. z, Z' J9 C
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
' q! M7 N" k! m9 {% y+ xemerging-market economies is driving the underlying strength in commodity prices, which could
! _9 T) X1 H$ _7 ]be further reinforced temporarily by supply shocks arising from recent geopolitical events.+ i$ u& y( z7 Z
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of2 Z% V* `1 f, l) ], k, P Z7 ~
the anticipated rebalancing of demand. While consumption growth remains strong, there are9 D& k+ }- {. ?- d9 V
signs that household spending is moving more in line with the growth in household incomes.
" Z3 O2 a( Y+ c7 @$ a+ _0 LBusiness investment continues to expand rapidly as companies take advantage of stimulative% g8 B, m" T% v0 {/ I; s7 |& Y( B
financial conditions and respond to competitive imperatives. There is early evidence of a6 w) x; A G9 U- q- g$ S' J
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
1 A1 e8 C$ |& o8 X# mHowever, the export sector continues to face considerable challenges from the cumulative effects
( _+ a W/ K9 i C9 l. i: Fof the persistent strength in the Canadian dollar and Canada's poor relative productivity
1 [8 K8 w7 l" \( c, A. Yperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
9 A! H. z% Q2 {8 X9 A/ g YBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the1 Q% u! E8 `4 I/ S. n
considerable slack in the economy.2 {9 n4 |7 s0 q- ?6 D. b5 p' T
7 c: V' E; y! iReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
) b o2 N+ @$ s% W) z. [) Pat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the5 ?9 G3 r& U' c
2 per cent inflation target in an environment of significant excess supply in Canada. Any further! o# n" k+ S& t8 u+ K! `* g8 ]
reduction in monetary policy stimulus would need to be carefully considered.4 C4 i- ?: Y: a) q7 X" d
Information note:. m2 M3 p8 N5 L
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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