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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" o- z" q7 ~" ]1 O Z5 \4 B
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
b" f+ I! l: {/ ? ]solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
3 O; P# @1 g- c- g9 Cchallenges associated with sovereign and bank balance sheets will limit the pace of the European
8 @! N* H+ y: ?recovery and are a significant source of uncertainty to the global outlook. Robust demand from8 u4 I) S. F# Z5 |) {! T
emerging-market economies is driving the underlying strength in commodity prices, which could
1 q) ]! Q& U& gbe further reinforced temporarily by supply shocks arising from recent geopolitical events./ j/ d$ r5 q% @$ u
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of1 ?, w4 j/ n5 F
the anticipated rebalancing of demand. While consumption growth remains strong, there are
" H. t9 w! M0 F# K) q7 rsigns that household spending is moving more in line with the growth in household incomes.: ?1 e0 i5 r& `! G7 [
Business investment continues to expand rapidly as companies take advantage of stimulative+ L7 j4 K, F$ _
financial conditions and respond to competitive imperatives. There is early evidence of a- T4 o2 `4 O; f
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.7 k+ g8 I, |# {
However, the export sector continues to face considerable challenges from the cumulative effects
+ ^5 Q" x2 J3 [! |1 P$ v" ?of the persistent strength in the Canadian dollar and Canada's poor relative productivity
1 ~0 I; e, K2 T% i2 d5 K7 [performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the0 j% F# R4 Q& H0 @0 [3 |
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
9 L* ?. s) h0 I8 P {% ^considerable slack in the economy.+ `6 z: a9 I/ u$ ^
) s0 E9 h# z5 I8 `6 v4 M1 TReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
5 I, f! V$ P0 a$ Y4 |6 zat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
5 A! F1 U. e( E2 K2 per cent inflation target in an environment of significant excess supply in Canada. Any further
% [& [( f+ b# D) @4 X$ `reduction in monetary policy stimulus would need to be carefully considered.5 z. p; d# C3 G d
Information note:2 j, B% O) q: {% e+ n% I
3 E1 I) Z2 g, O* ]* f* _/ ]" ZThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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