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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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.
- r* ^- v* ?1 a. {, S( e+ z
' Y) d/ ~; r" k/ r7 R, JThe global economic recovery is proceeding broadly in line with the Bank's projection in its
: n$ d, v: {& x0 R( w1 V: k- ZJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
, r1 w! M" a7 V" H3 T, }+ [solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing+ z$ v, b% d) M; j/ \( }9 u7 r
challenges associated with sovereign and bank balance sheets will limit the pace of the European' x8 N) v9 P; N& d7 O4 \6 [' W8 u
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
8 O, u! s2 X# Uemerging-market economies is driving the underlying strength in commodity prices, which could# ]& _) q7 r8 ^- E1 D
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
6 a6 y2 k1 k7 [1 A1 i. a$ G5 @/ A; _5 s- j1 s5 `5 y+ ?4 E
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
" ^" I% S$ f9 D) Kthe anticipated rebalancing of demand. While consumption growth remains strong, there are
% \# w) z2 ~: n2 u* Bsigns that household spending is moving more in line with the growth in household incomes.; _) G0 N! S) Z
Business investment continues to expand rapidly as companies take advantage of stimulative
8 }3 ^) t* I( g5 R/ F3 M4 @! C4 @9 ffinancial conditions and respond to competitive imperatives. There is early evidence of a
0 ?; s7 M! D5 C, |% H  Qrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.3 L0 G$ N& p9 |/ |8 ?6 x
However, the export sector continues to face considerable challenges from the cumulative effects
9 ^1 A. a1 o' O) @8 _5 Rof the persistent strength in the Canadian dollar and Canada's poor relative productivity
8 t) m+ |# T8 E- `7 L$ hperformance.
* y- }1 Q7 _( ^! ]1 l" ~/ |- k4 S2 e& C& e3 P
While global inflationary pressures are rising, inflation in Canada has been consistent with the* n8 z& Q2 [. b
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the5 C9 D# u7 _/ v2 k
considerable slack in the economy.- F$ W% B* @( s2 L+ v  L1 T: j1 Y. L7 i
* d9 b& q. ^3 e6 g! W7 v3 I
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate# l8 J' B& G' e4 V! S
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
0 m! I7 g. ?  R2 E2 per cent inflation target in an environment of significant excess supply in Canada. Any further% b1 b6 R9 t3 H
reduction in monetary policy stimulus would need to be carefully considered.
4 w, m0 b6 g/ v3 GInformation note:
+ X9 q% v3 \4 b
8 y2 o" e/ m* m2 p; t% H# kThe next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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