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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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.
4 [' O* E/ Z  g1 y/ j. r! |6 B
+ H2 C  a8 K9 h* m+ n  oThe global economic recovery is proceeding broadly in line with the Bank's projection in its
8 B4 I, i4 C; |3 h' V1 A# UJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
, k5 K/ i: H) f  ]7 P/ ksolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
9 c3 s8 h6 p! H1 p# k% K3 nchallenges associated with sovereign and bank balance sheets will limit the pace of the European
; ]' e: n) {# \, n7 U9 N' R& H+ O! srecovery and are a significant source of uncertainty to the global outlook. Robust demand from
9 d! ^. V+ Y& ?8 I0 S' `# x! C7 demerging-market economies is driving the underlying strength in commodity prices, which could4 H" S; I& }  Q0 m5 ?9 Q( i5 k/ l3 R
be further reinforced temporarily by supply shocks arising from recent geopolitical events.% e3 }, O) _0 a- k' S

5 O7 p. d5 m  z, qThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
; Z7 v! A$ ^# H1 Z& f0 B! Tthe anticipated rebalancing of demand. While consumption growth remains strong, there are
8 G$ |" y9 ^! z. _signs that household spending is moving more in line with the growth in household incomes.
1 ^: m' m2 f, Q" `3 D) }Business investment continues to expand rapidly as companies take advantage of stimulative
2 C3 _8 E9 x1 a: C7 M0 _financial conditions and respond to competitive imperatives. There is early evidence of a
+ K; _, y1 q4 |( Brecovery in net exports, supported by stronger U.S. activity and global demand for commodities.. G( Z' y( ~" e4 c) G5 M4 S% o; ]
However, the export sector continues to face considerable challenges from the cumulative effects
" \8 H9 z) ^4 I3 k: Kof the persistent strength in the Canadian dollar and Canada's poor relative productivity
, j( F2 R+ n$ y7 R! `/ _+ q+ w' Fperformance.
4 ^3 b7 d7 b- f3 w9 G+ v
9 a( A. z7 @8 Q4 x( j% V) n7 E4 qWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
% R) ^; u" }/ MBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the2 R4 e/ ^, E4 ~7 r) z" H1 ~: J0 P
considerable slack in the economy.6 R. B& e' [* ?, O6 y

0 V! G, u7 U% Y, z3 R! @Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
# Z; [: u( D* }7 B/ pat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the1 L* D2 P2 p/ \& {2 G
2 per cent inflation target in an environment of significant excess supply in Canada. Any further4 Y8 u6 i# T" X1 a; ]
reduction in monetary policy stimulus would need to be carefully considered.
1 @. S5 t. x! e9 ~Information note:
( J  U3 o  T6 d4 Q5 ~4 v( K1 a3 j8 k( G
The next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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