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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its. m+ _0 _' ?3 s( ]
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
' n0 I" Y/ L g- Ysolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
* E2 a, d/ }7 _" G2 Tchallenges associated with sovereign and bank balance sheets will limit the pace of the European% \0 Q7 Y% b% i% d6 k+ G" k
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
8 z2 K' C5 b' a% e* R2 g+ M* gemerging-market economies is driving the underlying strength in commodity prices, which could
3 l A5 r! ? z' Z x1 o4 Obe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
0 y3 m( ~) v0 ^the anticipated rebalancing of demand. While consumption growth remains strong, there are
) }1 F9 E! n6 l: k% ksigns that household spending is moving more in line with the growth in household incomes.
8 V& L9 k) q# @( l/ C+ [8 \Business investment continues to expand rapidly as companies take advantage of stimulative1 G" W. E4 ^4 Y; ^4 k& Z% `& ?
financial conditions and respond to competitive imperatives. There is early evidence of a
5 J, ^) Z% \' n+ srecovery in net exports, supported by stronger U.S. activity and global demand for commodities.3 B7 \5 V _7 l1 d9 @
However, the export sector continues to face considerable challenges from the cumulative effects) ~" E7 D) P$ j7 }4 @7 m Y" I1 S
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
& E! l. I$ f0 ]7 I& \( ?5 Gperformance.
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8 m: v& M q* [7 kWhile global inflationary pressures are rising, inflation in Canada has been consistent with the+ r$ \. e$ f6 D+ B( x
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the' C4 c8 ~% X! V8 g; b$ i6 V
considerable slack in the economy.
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8 V0 p; b6 w) N5 o" j" ^' }Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate: D1 l7 w3 E2 C" _
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the: {" _9 k& e+ [3 Y% m
2 per cent inflation target in an environment of significant excess supply in Canada. Any further! S, C9 P% @0 Q$ M3 h9 b
reduction in monetary policy stimulus would need to be carefully considered.
" y9 J+ ]0 y# Z: }6 K. O, b. }Information note:, S3 U% w4 [0 H9 g+ L
0 v! w2 ^7 S1 Q! Q8 j$ f! ^6 MThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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