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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.- I2 j7 [8 S' t
4 ^+ P; }2 t. |7 l7 j4 g4 g& e, kThe global economic recovery is proceeding broadly in line with the Bank's projection in its
, T( a8 i5 e* u2 I$ ~8 b' Z& |January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is" \8 y% ]# S. l- k8 R
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
& d7 F& a' Y0 B7 t' l' _challenges associated with sovereign and bank balance sheets will limit the pace of the European. _4 O; Y/ { r
recovery and are a significant source of uncertainty to the global outlook. Robust demand from6 M! Q9 K( k) U5 g9 n9 C+ E
emerging-market economies is driving the underlying strength in commodity prices, which could- H+ H, i5 C+ e o2 ^; D5 p" l/ q) `6 f
be further reinforced temporarily by supply shocks arising from recent geopolitical events.2 c' T- M9 a2 u
# R4 ~$ `1 P' u- T8 CThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
5 O- J1 L3 h Sthe anticipated rebalancing of demand. While consumption growth remains strong, there are# m& p' s6 s0 f; H3 X' X, R
signs that household spending is moving more in line with the growth in household incomes.3 D% _* L, R- Q4 |6 a
Business investment continues to expand rapidly as companies take advantage of stimulative
. S" j9 [, G- c2 W; ]! Ffinancial conditions and respond to competitive imperatives. There is early evidence of a7 I9 {: Y# f0 C8 ?2 N
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 S. y" O3 {* S
However, the export sector continues to face considerable challenges from the cumulative effects+ M- t) o1 o# i3 M6 @( u
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
5 k0 ~ j# i: H) Z4 z0 s Iperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
2 A% N+ x( J* Q* W: \Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
9 U2 z: f, G( r) Fconsiderable slack in the economy.) d! p- g: o- o! }3 V, ^
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
: i0 V$ w7 V0 C! Y) L$ eat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
2 ]5 s5 B3 y& \2 per cent inflation target in an environment of significant excess supply in Canada. Any further
; C: W1 X2 z' d! ureduction in monetary policy stimulus would need to be carefully considered.
# `+ Z6 |/ i' I, m2 E. rInformation note:& m/ n6 I# I0 [
: x0 d# V8 c' `) e9 B NThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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