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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. R I ]3 w6 W$ Z; F( R: h
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is6 p! ^- m- S8 t C
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
+ E( _' q, U) R6 m5 c( R# z% M6 R# Mchallenges associated with sovereign and bank balance sheets will limit the pace of the European: f- M$ P5 Y, b. L; m8 Q- d- d( _
recovery and are a significant source of uncertainty to the global outlook. Robust demand from" H+ |; U+ g- y# J
emerging-market economies is driving the underlying strength in commodity prices, which could5 ?7 |, o$ p! Z0 J' k
be further reinforced temporarily by supply shocks arising from recent geopolitical events.# a) l3 L0 k4 m' Y- D
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
) e7 f+ R0 c5 Cthe anticipated rebalancing of demand. While consumption growth remains strong, there are
0 c5 \7 d* ?" F: [3 Ksigns that household spending is moving more in line with the growth in household incomes.
, | _& p5 I6 r8 ^Business investment continues to expand rapidly as companies take advantage of stimulative
3 J9 ]: ?; n7 z* C ]financial conditions and respond to competitive imperatives. There is early evidence of a
/ _5 _8 z7 r, vrecovery in net exports, supported by stronger U.S. activity and global demand for commodities./ G/ n/ `) E6 r4 d7 j# t6 q
However, the export sector continues to face considerable challenges from the cumulative effects
7 S0 |/ s4 k+ t$ [; l: g1 d( yof the persistent strength in the Canadian dollar and Canada's poor relative productivity
' F/ }7 Q' o; Lperformance.
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' T) b; J& u3 G' g4 J4 yWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
, S3 ^" K( Y- ]Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
: g* U$ x1 j( c% i- \5 Hconsiderable 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
3 W. n$ z+ M5 w& @+ Gat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
) I$ p# Y, V1 a0 o) v7 f2 per cent inflation target in an environment of significant excess supply in Canada. Any further
; q: [' w' u' I. Z8 Vreduction in monetary policy stimulus would need to be carefully considered.' K% `! E$ Q# q* k0 Y
Information note:5 a& `! O# _8 x+ M2 Z' d
2 E6 ~- e W0 rThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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