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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
2 G8 F- k0 [. ^5 LJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is8 X# f% f* B7 X+ }* [$ ^1 G2 T6 Z
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
' x# L/ J* w8 T" y2 h3 P! \' zchallenges associated with sovereign and bank balance sheets will limit the pace of the European
8 ]7 _4 r' V' N- b) s, Wrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
, c' r4 h1 M& Z2 _1 F$ h( wemerging-market economies is driving the underlying strength in commodity prices, which could9 [' r2 a" F& h0 x' M- L. K
be further reinforced temporarily by supply shocks arising from recent geopolitical events.) [2 W( H! G3 j+ y" C0 Q/ h Z
" _2 ]9 s+ l# u$ Z7 x& NThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
7 f# U3 R6 s6 ^- b' b1 i. K, N8 Kthe anticipated rebalancing of demand. While consumption growth remains strong, there are; H2 c% f/ Z$ D4 T0 O! m$ ]
signs that household spending is moving more in line with the growth in household incomes.
0 A( q, e, M7 q* L% f tBusiness investment continues to expand rapidly as companies take advantage of stimulative7 u! i' K1 N: ^7 z, v9 }+ h
financial conditions and respond to competitive imperatives. There is early evidence of a
8 B Q, P3 V* X& O% Drecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
+ U, U* Z. ^1 @' h! i) vHowever, the export sector continues to face considerable challenges from the cumulative effects
" L2 c% o2 \9 sof the persistent strength in the Canadian dollar and Canada's poor relative productivity# H+ w, ]# J" [" G( x J" o
performance.4 f, k& V: ~8 f1 V \
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While global inflationary pressures are rising, inflation in Canada has been consistent with the* v+ t& K. F# a* G2 {
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
. m, Z' {9 f$ N1 ]* n* I3 o9 pconsiderable slack in the economy.$ I9 {7 G: E/ \; n$ |
0 y9 z6 j* h; e3 s2 ^1 IReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate; h9 E& }, g2 o$ f+ A
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the! M' U# j# ?( j a! |% ?0 V
2 per cent inflation target in an environment of significant excess supply in Canada. Any further8 h1 X4 k: P% l
reduction in monetary policy stimulus would need to be carefully considered.0 J+ r+ o3 q" M; v2 A r; G
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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