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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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& B+ L6 z1 K4 n0 }: E. c( BThe global economic recovery is proceeding broadly in line with the Bank's projection in its% X1 c' }8 T, B$ g7 W
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
4 Z9 p9 J$ n+ k1 Osolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing- x( n, s0 z# m t) C4 ?$ X
challenges associated with sovereign and bank balance sheets will limit the pace of the European% O3 _+ x) g$ T* z/ E
recovery and are a significant source of uncertainty to the global outlook. Robust demand from: I4 @; F# H5 P3 t+ R7 s5 g$ @2 R- N
emerging-market economies is driving the underlying strength in commodity prices, which could) V" Q4 m+ w8 N0 P
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
9 h4 _1 G/ F- C8 }the anticipated rebalancing of demand. While consumption growth remains strong, there are+ d4 ?7 R( R& `% U5 ^
signs that household spending is moving more in line with the growth in household incomes.
7 e, F. _2 t" N! `+ F. H0 c; i# v; UBusiness investment continues to expand rapidly as companies take advantage of stimulative Z( ]8 ]5 |/ t0 K( e
financial conditions and respond to competitive imperatives. There is early evidence of a
, z' {& y1 Y" w8 i+ B$ Irecovery in net exports, supported by stronger U.S. activity and global demand for commodities.8 E% x. e# z; O% D( q
However, the export sector continues to face considerable challenges from the cumulative effects' Q# R G$ d3 t9 M
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
* `, X3 B0 v! h% \( C2 gperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the9 _( d; V6 v# S0 b
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the1 u3 O. Z5 d/ ^" j8 n+ l% ?
considerable slack in the economy.5 x7 b. d/ U! i: O5 P# J0 g
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate& ]* l8 P& i, }# l' a# l
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
# }6 `7 r3 n- c$ q' E" n% |) V2 per cent inflation target in an environment of significant excess supply in Canada. Any further- o/ j: b$ ?+ ]' A( T2 X! E
reduction in monetary policy stimulus would need to be carefully considered.7 B2 m' }8 W2 I+ l) c3 T
Information note:6 ~. ?# N) h& E3 o$ P. F4 d7 ?8 {
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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