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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 [* J: @* t  u7 d6 }4 ^
: t' j% F2 d/ F; r. Z. ~% L
The global economic recovery is proceeding broadly in line with the Bank's projection in its+ M. h" f. t# E# @% h$ ?
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
$ i) g' g% H' H. g, Y; X% o/ ksolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
$ E$ C: b+ A: a" @) ~8 a' ichallenges associated with sovereign and bank balance sheets will limit the pace of the European! u/ Y0 V1 D4 z
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
! C) v# ~& M+ x1 H+ @emerging-market economies is driving the underlying strength in commodity prices, which could
  r( N5 `( R. hbe further reinforced temporarily by supply shocks arising from recent geopolitical events.6 M# w! r! P3 h8 @

9 Q' d) h/ q, s6 H; mThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of1 Z9 p# b/ Q- Q- q5 X
the anticipated rebalancing of demand. While consumption growth remains strong, there are
- v0 ?3 d  [9 bsigns that household spending is moving more in line with the growth in household incomes.3 ~/ q$ n) L' v/ E' T: i/ o" I$ ~# y
Business investment continues to expand rapidly as companies take advantage of stimulative
1 S6 e$ F- u, f+ Efinancial conditions and respond to competitive imperatives. There is early evidence of a
: n9 S( ^; |: Crecovery in net exports, supported by stronger U.S. activity and global demand for commodities.+ E0 U8 h- W6 R: x" t0 C9 O
However, the export sector continues to face considerable challenges from the cumulative effects8 P# h& g8 m& \0 \
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
! l2 z- t4 F" M# r2 K- F9 O; A0 f2 qperformance.
( j8 C7 T2 [# Y- `$ i2 h3 i! o  o* K" `6 m5 h
While global inflationary pressures are rising, inflation in Canada has been consistent with the5 T- e! H7 O$ d& u0 e+ Y
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the" b% U$ p8 m& m* s$ h" k
considerable slack in the economy.& V/ Z1 B8 i3 W8 b1 f+ i( ~' d& k; o
6 O% J. h+ k0 }0 Z
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
& Q1 y+ |8 Z  x7 j" z  j/ s! @- `at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the+ {% Q: K5 `; Y. q4 Z
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
! J; Y) a9 [+ Freduction in monetary policy stimulus would need to be carefully considered.  l6 M9 }: V* \' s1 \$ E
Information note:
" Q2 s7 V/ v# Z  S) q
) D5 M: {  ]+ [, s: aThe 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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