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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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8 e1 o1 d% ]& m; k2 t. W gThe global economic recovery is proceeding broadly in line with the Bank's projection in its
1 O( m! w" Q4 a( @ [0 hJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is' `( G7 y0 d* U6 n( k
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
9 }0 i9 R- v `8 ~+ {2 uchallenges associated with sovereign and bank balance sheets will limit the pace of the European" q# T" `5 z/ d1 O
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
1 y" v! r: l* [: ~ qemerging-market economies is driving the underlying strength in commodity prices, which could# W# ]) G b. b5 Q9 G2 M; B
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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6 z3 w% ?) ]0 [The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
7 U; |7 V4 r ?4 S: K0 lthe anticipated rebalancing of demand. While consumption growth remains strong, there are
! ~" L% P1 h2 d, N- \ Y* T; lsigns that household spending is moving more in line with the growth in household incomes.8 S0 Y) Z! ~: Y4 x& v a
Business investment continues to expand rapidly as companies take advantage of stimulative
6 U7 L7 c7 {5 n: {* Dfinancial conditions and respond to competitive imperatives. There is early evidence of a
# {( x$ w% W, T2 R2 Lrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.3 f. e: {% W: D8 X$ \
However, the export sector continues to face considerable challenges from the cumulative effects; L" j+ Q1 p) X( ^
of the persistent strength in the Canadian dollar and Canada's poor relative productivity: k% T# o6 y2 Q) [
performance.# E, Z+ N7 L* i- ^2 S" b. u
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While global inflationary pressures are rising, inflation in Canada has been consistent with the# ]8 o! _" _7 [
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the$ z0 ?6 u5 A; \1 y4 r
considerable 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
5 ^4 x+ N5 _$ |at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the; R9 x; j7 v) U( {
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
9 k) F5 ]7 n: |9 _reduction in monetary policy stimulus would need to be carefully considered.
7 ~3 n( ?& ?: g. `2 d9 `% FInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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