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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., L( n) I, x/ x4 F* T- `. V
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The global economic recovery is proceeding broadly in line with the Bank's projection in its+ z: Y5 k% ?* M; v' r2 a- H
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is2 d( x: {3 S. N
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing4 w8 q# u I1 W* w) g
challenges associated with sovereign and bank balance sheets will limit the pace of the European; d$ j: Y. m" q7 x( f9 H
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
8 Y9 X$ }$ C8 Y' _, Kemerging-market economies is driving the underlying strength in commodity prices, which could
, U) z, R* T; N( n. j$ {) f9 Dbe further reinforced temporarily by supply shocks arising from recent geopolitical events.8 N0 ~2 ?7 b' a$ M9 Y
4 X' H; M* V6 z% tThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of1 H) e0 ]! ?! j
the anticipated rebalancing of demand. While consumption growth remains strong, there are
' ?* W: c: g8 g) T6 ?5 T9 h+ ysigns that household spending is moving more in line with the growth in household incomes./ f) [' e# G# _7 f: T- e
Business investment continues to expand rapidly as companies take advantage of stimulative, ~: N2 B% p9 \
financial conditions and respond to competitive imperatives. There is early evidence of a8 G, D; V# M- C
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
/ s$ q! g7 G7 [: E7 }However, the export sector continues to face considerable challenges from the cumulative effects
" }7 O& w/ W* Q5 Z- @6 J, X" kof the persistent strength in the Canadian dollar and Canada's poor relative productivity
8 x2 M a& l, p& B2 ?1 W) @4 y* ]performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the) ^- X% R) }# r' V5 M8 j
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the7 f$ {* C! e) W/ h
considerable slack in the economy.0 |6 K" h( T' K7 R+ R
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate% q$ x/ \. L8 C& r
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the3 |9 C& ~ E- G# _ |' o4 a B6 y
2 per cent inflation target in an environment of significant excess supply in Canada. Any further/ v3 R7 k# Q7 T3 S [! v* Q, G
reduction in monetary policy stimulus would need to be carefully considered.6 C$ q6 l7 S$ Z3 Z. ]$ {& e$ \( e! ]* Z
Information note:9 k& d* {) O) } I
5 V& x2 }0 k" K* ^7 lThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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