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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.
/ K& l* J/ D( X0 t: t  s, U( _+ }5 h! B6 V0 D- f* L
The global economic recovery is proceeding broadly in line with the Bank's projection in its
3 z0 T! I; H  N2 @1 ]January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is% n* N* Y1 m" d3 @! p) C; o! t0 w2 _
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
! N, L/ H3 S* r) q2 Achallenges associated with sovereign and bank balance sheets will limit the pace of the European
4 f0 [6 j4 ~5 c. @recovery and are a significant source of uncertainty to the global outlook. Robust demand from3 k  o6 U6 t, w7 ~
emerging-market economies is driving the underlying strength in commodity prices, which could& y, M3 K. A4 U1 o
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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7 e% i; J( u% p9 [$ e7 @0 vThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
. q0 ]  K4 f5 U0 Sthe anticipated rebalancing of demand. While consumption growth remains strong, there are; }" |* y( {: L2 C( m' g- u: k
signs that household spending is moving more in line with the growth in household incomes.4 w' f& m" P/ N
Business investment continues to expand rapidly as companies take advantage of stimulative
; G1 P6 h5 C" i: N6 Z( v# K  kfinancial conditions and respond to competitive imperatives. There is early evidence of a4 T/ R1 ?" Z& d+ G
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
* T1 ~, }) _, D: p  t  NHowever, the export sector continues to face considerable challenges from the cumulative effects+ F  r0 S/ d, m4 q
of the persistent strength in the Canadian dollar and Canada's poor relative productivity9 d5 g1 M6 N# g
performance.
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6 K- N; ?" ~) S5 FWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
2 w5 M3 v7 j. K7 x8 ]3 NBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the4 I, V' |& Q0 Q' N0 j- ]' w! ]3 y
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 rate3 ~) f6 E& R( T- a# J9 v4 A# H8 ~- N) v
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the$ ^9 N6 f6 h- D4 _5 T/ H0 O
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
' g" z6 z' i: n: j( t$ E2 a  Lreduction in monetary policy stimulus would need to be carefully considered.5 e( d& n: N+ B
Information note:- i, Y" G4 |" X* ]9 P
0 X; b$ c: G" {6 L3 l) ^
The 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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