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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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J! h; j; @4 m' QThe global economic recovery is proceeding broadly in line with the Bank's projection in its
+ {% f8 R0 ?, J OJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
! T; ?4 D5 v) ]' p* y) |; y! fsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing; H' w H! N1 F! {# q, R
challenges associated with sovereign and bank balance sheets will limit the pace of the European9 E: X& V; X9 r. I" h5 ~
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
1 T Y8 G* t" K6 vemerging-market economies is driving the underlying strength in commodity prices, which could
9 B. I8 b8 A( ~! x( `( Sbe 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
1 o8 U' V- N- H8 ^ Gthe anticipated rebalancing of demand. While consumption growth remains strong, there are: y# S# U/ n7 K+ Q( S3 X* J/ B
signs that household spending is moving more in line with the growth in household incomes.
1 }' l( i+ D$ j C; ABusiness investment continues to expand rapidly as companies take advantage of stimulative6 L+ n9 m+ |. R, @& X
financial conditions and respond to competitive imperatives. There is early evidence of a
5 n0 c# a' q' f* `recovery in net exports, supported by stronger U.S. activity and global demand for commodities., B5 C% N: N$ \5 f' P) F
However, the export sector continues to face considerable challenges from the cumulative effects
* @! d( O, A0 lof the persistent strength in the Canadian dollar and Canada's poor relative productivity4 L$ ]2 O1 R; R5 v2 f3 p
performance.
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, n% ~1 Q* v( D6 c! t) X/ d# Z$ x& GWhile global inflationary pressures are rising, inflation in Canada has been consistent with the: T7 |9 z0 V/ S2 Q& K( b) _
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the- C% m+ i0 A& C8 J) X# P
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 D$ h9 s" [) c) G# {9 j+ C4 c3 z' T
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
' j# w$ O7 q" \' {8 ]9 \2 per cent inflation target in an environment of significant excess supply in Canada. Any further
9 q$ {2 r7 |" t( d# I$ X* Vreduction in monetary policy stimulus would need to be carefully considered.# ?, M$ m3 Z' H: \! {* w2 u. q
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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