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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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( j) w+ |% r4 R0 v2 I) _9 j% U% {The global economic recovery is proceeding broadly in line with the Bank's projection in its
. k1 a+ ^' h: O$ N1 \January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
: T, \& Q n( j& psolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing8 ~ X: ~1 Q7 p6 s( t: G6 Z1 J
challenges associated with sovereign and bank balance sheets will limit the pace of the European J i# h- A/ h& O; k
recovery and are a significant source of uncertainty to the global outlook. Robust demand from) h8 U5 j! B Q2 f9 r
emerging-market economies is driving the underlying strength in commodity prices, which could
) I8 N, n2 w; p3 Ube further reinforced temporarily by supply shocks arising from recent geopolitical events.
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9 k. c6 D) \6 c- @! v7 TThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of. S1 ^% {* R: C2 m. M. t
the anticipated rebalancing of demand. While consumption growth remains strong, there are7 f" O# R) H! z1 J% C( m0 j1 o: I5 u
signs that household spending is moving more in line with the growth in household incomes.
; A% X' B7 Q& j7 Z/ G) R* TBusiness investment continues to expand rapidly as companies take advantage of stimulative
5 c( c* G: Z! C+ ]' Q& bfinancial conditions and respond to competitive imperatives. There is early evidence of a7 T6 G! H6 j0 s; E# ^
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
. Z2 X" O! J( d8 l3 J2 @However, the export sector continues to face considerable challenges from the cumulative effects# q# \, c5 F) o1 \8 O
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
, I' a; H4 S1 \# L3 Kperformance.
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) B% R: x% l! `6 v; Z q4 n$ s$ f% bWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
6 `0 `) s- s+ Z, n, Q/ d% KBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the4 l9 c' x! w+ y1 J( g9 f( V
considerable slack in the economy. M8 ?$ n3 \4 m4 e! q9 b, {0 F
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
% e: C2 y9 q$ I5 Q) A2 u' Pat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the, y6 q! f) M1 |3 P6 Q
2 per cent inflation target in an environment of significant excess supply in Canada. Any further3 E# j- z' \. _" h8 r8 i, Q p
reduction in monetary policy stimulus would need to be carefully considered.
; O6 w& f1 ~$ z+ m" R; }, GInformation note: _1 X* j$ y- b! d( s$ \/ f
* ~, f4 i6 W3 F0 t" R& n- g9 `9 rThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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