 鲜花( 65)  鸡蛋( 0)
|
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./ T# ?0 o1 S& `; B2 f
5 j8 l$ Q: }! T) v6 u
The global economic recovery is proceeding broadly in line with the Bank's projection in its6 J0 {4 o5 o9 _# h' h. `4 e
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is. c+ f2 W% c' k. L
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing G5 `9 k7 D+ B! J8 Z
challenges associated with sovereign and bank balance sheets will limit the pace of the European: M2 {- o- O/ {' @
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
3 C9 q3 {- T4 p& eemerging-market economies is driving the underlying strength in commodity prices, which could
% H) k& D% N1 A0 l# d# xbe further reinforced temporarily by supply shocks arising from recent geopolitical events.) l3 I$ D. c( F5 J0 ^9 z# q
C; w8 h3 R- f3 a( UThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
6 g, Z% }/ D8 }the anticipated rebalancing of demand. While consumption growth remains strong, there are
( m' Z' k! Y4 K9 h1 b) D; Jsigns that household spending is moving more in line with the growth in household incomes.7 L' y9 a2 S# K4 ~9 t
Business investment continues to expand rapidly as companies take advantage of stimulative0 X3 m; N3 ~2 ~3 E: y
financial conditions and respond to competitive imperatives. There is early evidence of a
' v6 r+ L1 U. S0 t) v ^recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
& d8 C' Z: m# Y) n; }However, the export sector continues to face considerable challenges from the cumulative effects1 \$ D! J% R7 S$ k" {
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
( V3 h% v4 I6 G: uperformance.
1 f9 Q N# ?) H& ^$ j
- r" q+ u2 ^) r4 H) \( cWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
* X: Q% B, J2 a- l8 f ^Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
* |( |2 Z. t6 t E7 k- tconsiderable slack in the economy.
' W' \ `+ f+ ]7 h* S3 L5 [- S6 K
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
( Y8 `! V4 x, {, M. c: S# s$ kat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the9 g$ L# m' p. y$ O# c
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
# [6 O: T0 ^! r- `reduction in monetary policy stimulus would need to be carefully considered.! _: r5 t& v( P' V I7 M! q; M5 Q2 g
Information note:8 Q9 `) K9 s2 \$ C% v( T
9 f# ]- e! x$ N' f# `% SThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
|