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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its
3 T5 P! n) {3 i# vJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is/ |( ]3 ^: e4 F6 C/ c& @
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing) X/ ]$ S# u6 O# [, Q
challenges associated with sovereign and bank balance sheets will limit the pace of the European- f; f: K4 g3 ^
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
6 T3 ?" y+ x' R+ B% @8 Nemerging-market economies is driving the underlying strength in commodity prices, which could
) _; K' k: U1 A4 Pbe 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+ E& |% t8 }) ~! M3 }
the anticipated rebalancing of demand. While consumption growth remains strong, there are
5 o5 h4 H% L6 r# ?signs that household spending is moving more in line with the growth in household incomes. U# _/ y# k' t0 l- K
Business investment continues to expand rapidly as companies take advantage of stimulative' A" J5 t+ W5 c& x$ R
financial conditions and respond to competitive imperatives. There is early evidence of a
3 H4 h0 A/ r, `recovery in net exports, supported by stronger U.S. activity and global demand for commodities.% \5 i% t0 O j- l7 \
However, the export sector continues to face considerable challenges from the cumulative effects9 {" L/ ^. A& E$ J
of the persistent strength in the Canadian dollar and Canada's poor relative productivity& y' ^7 g# H9 F0 x
performance.
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" H# r+ `$ i8 p6 b, k) Z( ]+ UWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
$ _& {$ D! k8 K# e# ]" l5 f6 GBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
$ J2 j2 L" O, L" b8 d5 B) Bconsiderable slack in the economy.
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5 `7 u2 S* g- ]& JReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
6 l+ R! K8 w5 `( G$ O, G& U# Nat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the4 Z8 x" ?$ _9 _$ V& t1 O9 c p
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
& `/ x4 T, O0 A9 X- K3 yreduction in monetary policy stimulus would need to be carefully considered./ k. t* U5 V% m' i2 W1 ~" D
Information note:
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) I/ q! X+ ^8 v7 l" r8 n. EThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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