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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., j8 \- o3 U, D6 c
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The global economic recovery is proceeding broadly in line with the Bank's projection in its1 O0 R5 Q2 w9 `' {
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
( W8 v) U& u- zsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
* @- {/ e$ ]$ C7 Q8 ^8 p+ c# xchallenges associated with sovereign and bank balance sheets will limit the pace of the European6 _7 K7 g, V( T
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
: v9 J. Z5 n: P+ b: eemerging-market economies is driving the underlying strength in commodity prices, which could# L0 \% S* s& r9 y; N h2 D
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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" D* N. j* j8 k5 G/ ], f* O+ `The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of F/ }3 a, H* G$ K
the anticipated rebalancing of demand. While consumption growth remains strong, there are# S# N; |& z1 s- ]& U
signs that household spending is moving more in line with the growth in household incomes.
6 K. Z' H+ j3 s/ U y. qBusiness investment continues to expand rapidly as companies take advantage of stimulative
7 Y& R& j$ l7 L2 w3 Q& ofinancial conditions and respond to competitive imperatives. There is early evidence of a
0 n1 y# v% ]. Y0 Q* trecovery in net exports, supported by stronger U.S. activity and global demand for commodities.3 q4 r6 Y# z# c0 n8 c
However, the export sector continues to face considerable challenges from the cumulative effects
! a, m$ M e5 h4 iof the persistent strength in the Canadian dollar and Canada's poor relative productivity% ~4 Z( P( ~$ g, i" K* T
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the9 o z( y9 g {, M1 w1 l+ v
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
/ a O. b1 E( G4 D Aconsiderable slack in the economy.
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5 S# B4 }2 O4 E# | `' \Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
* V8 G: V1 F4 }at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
1 p) b( C; A/ C; T2 per cent inflation target in an environment of significant excess supply in Canada. Any further
5 ~. p! u1 j1 ~% Hreduction in monetary policy stimulus would need to be carefully considered.
+ C( R0 F: C' z5 [Information note:/ G- K* U# H4 }% D. Z! }
' [5 a; T& r+ |/ o8 z' M: nThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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