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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./ P q! N4 a- @
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The global economic recovery is proceeding broadly in line with the Bank's projection in its, \/ T' W6 ]9 |! \# R
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
) n" t( h. x3 e7 p" j5 z7 Msolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing( y5 F1 x. Q( I% N
challenges associated with sovereign and bank balance sheets will limit the pace of the European" x1 T9 J5 ^2 p) \
recovery and are a significant source of uncertainty to the global outlook. Robust demand from+ X) y5 G* p$ I+ a. J
emerging-market economies is driving the underlying strength in commodity prices, which could# p* {" f& T e4 x0 s# g( K3 X
be 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
, w$ j9 y7 E- [the anticipated rebalancing of demand. While consumption growth remains strong, there are! f$ f( j/ }7 {- _. c
signs that household spending is moving more in line with the growth in household incomes.% u3 {' D c" W3 E- B# m; N3 f
Business investment continues to expand rapidly as companies take advantage of stimulative4 T* M& I& |- C! G- [) z% }
financial conditions and respond to competitive imperatives. There is early evidence of a
) ^0 P: T# w9 {/ @+ K) srecovery in net exports, supported by stronger U.S. activity and global demand for commodities.& N4 o2 [: i/ f) Y* k
However, the export sector continues to face considerable challenges from the cumulative effects
, T7 E9 n6 P" q8 N# lof the persistent strength in the Canadian dollar and Canada's poor relative productivity
* D& B/ n2 D7 w" pperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
+ h- T b+ Q( s( `" J' iBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
$ X! ^+ {7 f @" aconsiderable 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
7 K6 y0 o' O: K0 ?* l! Xat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
4 V! J4 J* I$ L {! t2 per cent inflation target in an environment of significant excess supply in Canada. Any further5 H o! J0 x" s/ Z
reduction in monetary policy stimulus would need to be carefully considered.
/ R9 M" \3 t9 c+ O6 B8 Z$ f' BInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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