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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.& @6 M2 T1 Q3 C! Q& x! P7 T
5 @! N0 p; l+ i, Y" gThe global economic recovery is proceeding broadly in line with the Bank's projection in its
6 c% o5 r |6 F9 n/ VJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
4 }, H& @. i7 ?+ Psolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing# O m7 m g' F4 n4 U/ t
challenges associated with sovereign and bank balance sheets will limit the pace of the European
" V& E8 w% M! H. Zrecovery and are a significant source of uncertainty to the global outlook. Robust demand from! i8 K8 Y2 h5 \ R
emerging-market economies is driving the underlying strength in commodity prices, which could+ X9 @+ g) z7 r
be further reinforced temporarily by supply shocks arising from recent geopolitical events.( i: a+ W' `2 j" G+ ^* `7 v0 H* h
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of$ n5 F6 n p& h. P& @
the anticipated rebalancing of demand. While consumption growth remains strong, there are& ^4 w; w T' z. l, P
signs that household spending is moving more in line with the growth in household incomes.6 {9 G0 {) c0 H5 X0 B: @' h
Business investment continues to expand rapidly as companies take advantage of stimulative" m z2 [3 k" D
financial conditions and respond to competitive imperatives. There is early evidence of a
; r$ o$ S2 L. L5 x( K- e3 ^recovery in net exports, supported by stronger U.S. activity and global demand for commodities.6 C* d! `, ^$ s E# N
However, the export sector continues to face considerable challenges from the cumulative effects
3 s% ?$ ~% } T, }of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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3 Q5 X/ q: b2 X* ^7 Q! MWhile global inflationary pressures are rising, inflation in Canada has been consistent with the2 x( [5 U1 E9 l9 G; z
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
& u6 f3 A; x- M% Y! hconsiderable 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
, S% U" y0 g% S$ e7 S- y/ Z9 uat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the2 @6 }7 U' y7 s
2 per cent inflation target in an environment of significant excess supply in Canada. Any further2 W! X t" U+ R) b; p* X
reduction in monetary policy stimulus would need to be carefully considered.9 H' Y: b! {: ~( i, v6 S
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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