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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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, o* s! T' p9 u, K9 O9 ~+ WThe global economic recovery is proceeding broadly in line with the Bank's projection in its
}1 l8 N# d5 D- o6 C1 OJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
/ n" Z# t h1 t- c. ^" H7 ~6 G+ Qsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
0 ~$ b4 ?, i2 c0 @challenges associated with sovereign and bank balance sheets will limit the pace of the European. }4 X1 E6 @ i8 w5 H
recovery and are a significant source of uncertainty to the global outlook. Robust demand from7 e7 k& q( f& M7 n3 g
emerging-market economies is driving the underlying strength in commodity prices, which could! j- H0 n% |' g
be 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 H% u9 [& K9 p7 p* X9 s. b" w
the anticipated rebalancing of demand. While consumption growth remains strong, there are! J$ ?4 H) o8 W% J$ O" e1 H0 B
signs that household spending is moving more in line with the growth in household incomes.9 Y s/ x; d% G% }8 {8 u
Business investment continues to expand rapidly as companies take advantage of stimulative
% o6 J4 r- L& r9 }1 ]1 o( Zfinancial conditions and respond to competitive imperatives. There is early evidence of a, |. z( @( s" W) i$ `5 L
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.; l& j7 ~( K3 {0 o
However, the export sector continues to face considerable challenges from the cumulative effects2 ^4 @2 U1 X: _2 `# P
of the persistent strength in the Canadian dollar and Canada's poor relative productivity, ]) z! r6 i7 o% c. L8 A4 C5 G
performance.
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2 e! V% o \" lWhile global inflationary pressures are rising, inflation in Canada has been consistent with the2 N) X% N7 p6 U% Z
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the/ G! |2 |" R% ]
considerable slack in the economy.. N3 _# f: G4 u6 H- [ @: x
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
/ w4 B" b7 f' o W5 O- n5 Lat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
' k1 o9 i- E6 L7 j2 n0 q2 per cent inflation target in an environment of significant excess supply in Canada. Any further" A% }( x+ E# @% Y1 F
reduction in monetary policy stimulus would need to be carefully considered.
; Z1 R$ G7 C5 Z3 Y( }+ }Information note:1 ]1 E, B9 n* i5 X' C5 L
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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