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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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, @' H" W. _5 t2 fThe global economic recovery is proceeding broadly in line with the Bank's projection in its
1 C* e2 \1 y& V [January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
, H! R. Q* E; d& A/ ]4 h" r. Esolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
+ r- [! B! z( S% M0 V% }challenges associated with sovereign and bank balance sheets will limit the pace of the European" ?" T; s$ ]% K+ { g7 J1 _
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
$ A. f; _" O7 p3 Wemerging-market economies is driving the underlying strength in commodity prices, which could
2 k- ]& S$ ^* `7 W. ]( cbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
% D, E( N. W1 u5 p" Kthe anticipated rebalancing of demand. While consumption growth remains strong, there are; l1 G2 [. {( ]0 _4 V
signs that household spending is moving more in line with the growth in household incomes.7 Z C8 R8 V* I$ K$ t, C5 c
Business investment continues to expand rapidly as companies take advantage of stimulative4 n, e& d1 l: E! }2 H R' y
financial conditions and respond to competitive imperatives. There is early evidence of a# T8 x" [( X0 v" d/ o1 ^
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.1 [. { p" g: J9 W$ Q) m5 D. {
However, the export sector continues to face considerable challenges from the cumulative effects0 ?% w# {: G1 ~5 f
of the persistent strength in the Canadian dollar and Canada's poor relative productivity6 {, M$ r2 b- X$ K& W
performance.& n$ E2 D1 C9 n& n* R; S2 X
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
; x2 A4 {- ]1 W8 Z% LBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
. g7 Y# w/ J, M% g1 Aconsiderable slack in the economy.
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" X6 A$ Q- M! E. r" ZReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
. y' N& }5 R, U' n4 ?# J: ]8 |at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
. N+ a# X3 |$ C2 per cent inflation target in an environment of significant excess supply in Canada. Any further
% D v/ q* I9 Greduction in monetary policy stimulus would need to be carefully considered.3 j1 [) D" a. |3 v$ V
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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