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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.
$ D# o3 F* v8 Z1 J. u# Y9 G
8 f( r9 S+ _( j0 t; i" EThe global economic recovery is proceeding broadly in line with the Bank's projection in its
) _$ d0 |+ S; CJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is4 ?3 G8 e7 d8 |+ `7 b
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
1 a3 F  O  D' q: e9 v# X* ?challenges associated with sovereign and bank balance sheets will limit the pace of the European
3 H/ q+ g' h5 zrecovery and are a significant source of uncertainty to the global outlook. Robust demand from7 `- S# ?; `1 d) m/ s+ @, D
emerging-market economies is driving the underlying strength in commodity prices, which could
1 y6 e8 V- G* E# E1 |be further reinforced temporarily by supply shocks arising from recent geopolitical events.) L) C) z  p/ s' y( Y& R) W6 A: B6 X1 T
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of% @% k0 n+ T" c) Y& j/ _- V
the anticipated rebalancing of demand. While consumption growth remains strong, there are4 i7 o& o' M7 `, R
signs that household spending is moving more in line with the growth in household incomes.
0 o1 y5 a* j  {7 q! OBusiness investment continues to expand rapidly as companies take advantage of stimulative
( |8 }5 J' `( L# l' E5 {6 J4 {; M3 `  ^! lfinancial conditions and respond to competitive imperatives. There is early evidence of a. u, N! J! `' X8 A
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
9 u& ?6 ~1 l4 @0 {/ x/ u' K7 XHowever, the export sector continues to face considerable challenges from the cumulative effects
2 ?9 i0 v$ d0 xof the persistent strength in the Canadian dollar and Canada's poor relative productivity
- o) Y3 V# Y; s4 y3 {3 q0 Qperformance.6 P' w+ T5 E# v

* k8 D9 [% I" V& n6 A9 L' P# wWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
, i! Q8 k$ x+ w) U( rBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
- c( W  V0 A( u1 z8 x/ J  M/ q1 lconsiderable slack in the economy.) \: A+ j% K# ~7 a5 H
2 g: c/ m9 x+ x# q/ c8 Q
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate  q6 ~- v  i' @' `4 y& K; C
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the7 C& n; a- p/ e5 y' W( V. k' C
2 per cent inflation target in an environment of significant excess supply in Canada. Any further7 c5 [7 R3 G+ \- d' T) E
reduction in monetary policy stimulus would need to be carefully considered.- T2 W# e- g$ Y/ \- G5 ]
Information note:, k# u4 ^9 O) v) M  Z9 }
1 B3 O, u: C% U/ l6 D* t# u
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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