 鲜花( 65)  鸡蛋( 0)
|
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.# u! |/ L- s# U+ r7 x; }9 c/ w
3 S. }3 W( n$ H3 b
The global economic recovery is proceeding broadly in line with the Bank's projection in its5 e0 `+ D( L9 q+ U* d' D" l# v& N( d
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
+ l- X* E# x1 k( |3 B1 Tsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing$ X T2 o9 ]: c% T4 `8 i
challenges associated with sovereign and bank balance sheets will limit the pace of the European5 p/ h. ~& L1 h: |
recovery and are a significant source of uncertainty to the global outlook. Robust demand from* T) ?& X9 u* y
emerging-market economies is driving the underlying strength in commodity prices, which could% g J* p& `$ }1 C* D2 |2 s
be further reinforced temporarily by supply shocks arising from recent geopolitical events.; V9 K; ?4 H' }6 {+ L/ l4 O" b
+ n/ e/ D: l8 B; ]0 vThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of, B" M( G3 X' f& G: U1 V& X
the anticipated rebalancing of demand. While consumption growth remains strong, there are
% b7 n/ ~5 [- y" osigns that household spending is moving more in line with the growth in household incomes.
6 O) T* ^2 t! n e1 ]2 [/ `Business investment continues to expand rapidly as companies take advantage of stimulative
4 A% B0 D6 e/ Xfinancial conditions and respond to competitive imperatives. There is early evidence of a" t3 O8 i8 ^6 J8 |2 o5 q
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.& \2 p/ t; k3 x1 b/ \- l5 l# g
However, the export sector continues to face considerable challenges from the cumulative effects
9 u1 c* Y. ?$ R5 Fof the persistent strength in the Canadian dollar and Canada's poor relative productivity
9 t9 M0 G4 }8 G3 a) Y% N' [performance.% _9 V/ m4 k0 c% X- H
# E+ g1 c; ~; E. AWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
$ d9 K+ G3 g! H4 x- BBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the+ K9 t2 q7 U+ P, y
considerable slack in the economy.2 p/ |; S5 S& }
! u/ B5 \) p4 w6 TReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate* g( z$ j7 y8 O$ W4 a" L! v
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
2 I6 ~8 V4 M8 P! i2 per cent inflation target in an environment of significant excess supply in Canada. Any further- ^ T* ^ s' I* F) d( \, C% f
reduction in monetary policy stimulus would need to be carefully considered.
9 v8 s; r& x2 z0 M Q. S/ ?4 }Information note:4 d' K6 u2 I& ?+ v' z
: K; E$ e q2 z( f* z5 |0 h
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|