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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.# y/ w b% ?( ~
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The global economic recovery is proceeding broadly in line with the Bank's projection in its: J+ }7 F1 t! A8 e6 a+ r
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is! N& A$ H0 L9 U( T. o4 }9 L6 \! ~
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
/ J# ]8 {5 c4 v: Q1 x Ychallenges associated with sovereign and bank balance sheets will limit the pace of the European
- @* \" w$ H$ S; Y/ lrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
' }+ {- |( R2 u% @6 memerging-market economies is driving the underlying strength in commodity prices, which could
+ e' h( Y8 y9 y; l2 U9 `0 kbe further reinforced temporarily by supply shocks arising from recent geopolitical events.: F; `% f+ \) U3 v# a, Y* K" T8 }& L
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
5 ~5 O: y' |( k, pthe anticipated rebalancing of demand. While consumption growth remains strong, there are
# V/ j( r7 C& esigns that household spending is moving more in line with the growth in household incomes.
8 l0 x- S" D% zBusiness investment continues to expand rapidly as companies take advantage of stimulative1 ?: I7 A* j; V
financial conditions and respond to competitive imperatives. There is early evidence of a1 A8 y) g! ?% X6 r
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
2 h3 L8 D+ ~5 QHowever, the export sector continues to face considerable challenges from the cumulative effects
. v6 A" w3 O) R* S/ zof the persistent strength in the Canadian dollar and Canada's poor relative productivity
o$ l2 B/ U3 cperformance.7 M: N, e' g k d
! A5 t+ x2 b% d* Y# A$ |# WWhile global inflationary pressures are rising, inflation in Canada has been consistent with the- s- x8 E. z0 ]1 t( l
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the3 C+ _4 e" R$ ]9 z, d) o3 v- M$ X
considerable slack in the economy.* d* l8 |, {5 ~! Q
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
: [' `; e! ^3 e, w1 g1 f: {. l: i* Fat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
; {; B2 z. ~) {7 v: K o2 per cent inflation target in an environment of significant excess supply in Canada. Any further
8 g' {0 }( X6 B4 X5 H- Areduction in monetary policy stimulus would need to be carefully considered.
0 m: ]3 Z0 l w% f7 fInformation note:% z# P: B8 B4 R( T+ d, R6 a0 D4 [& ~
4 v9 y3 T! | M% a$ m* z$ qThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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