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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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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; H/ l! Q0 O+ q1 W6 W6 f0 ]; g7 GThe global economic recovery is proceeding broadly in line with the Bank's projection in its% g! n  J7 e5 E  A+ E% c9 t$ \+ C$ S
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is$ c+ o. b$ t2 i
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
4 I6 j& t! w% Z7 E$ N* ?4 gchallenges associated with sovereign and bank balance sheets will limit the pace of the European
4 r4 D+ g8 ~( `2 L1 ~" Krecovery and are a significant source of uncertainty to the global outlook. Robust demand from
( P, V7 H9 u2 [# W* Semerging-market economies is driving the underlying strength in commodity prices, which could
+ U3 Y1 H( \0 A, x" kbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
: i, z# G3 e5 V: e0 C4 `/ H5 q" y- Q) W) L
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of# i0 r- [" K8 L- ^' N
the anticipated rebalancing of demand. While consumption growth remains strong, there are
) `) w, u6 ?% z7 ]/ J) Isigns that household spending is moving more in line with the growth in household incomes.
! D! u! G1 \- R; |+ HBusiness investment continues to expand rapidly as companies take advantage of stimulative
! Z' |% U) {. U' Zfinancial conditions and respond to competitive imperatives. There is early evidence of a$ {+ ~" @9 Y: {6 d
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
5 W; o8 ?9 t; I: Y* IHowever, the export sector continues to face considerable challenges from the cumulative effects) ]% L! i4 L2 C
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
9 J8 @, d5 n4 D4 Fperformance.5 D% P/ z! t) |! }- h
' a* ^" p  m: ~  \$ d/ R
While global inflationary pressures are rising, inflation in Canada has been consistent with the5 O2 s4 I- a2 _$ J1 h1 y& [1 ^0 x
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
# @+ M! {6 W" Q( {" T( H# nconsiderable slack in the economy.
4 ]1 a5 e3 M: R& _+ A0 e% h7 H8 G4 h9 A% w) j  c
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
' _# {# \* ?2 p% A5 s3 G" z0 |at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
* T( T3 L6 V$ d' D+ {* h3 o* s2 per cent inflation target in an environment of significant excess supply in Canada. Any further7 j' L9 z6 i* x/ X& Y1 g, }
reduction in monetary policy stimulus would need to be carefully considered.! M  O7 G+ I8 _
Information note:
* x, `6 P( w( G; F5 M8 ?" U8 T, |
! y, d9 u  Y" m8 b6 I( {) k/ ]The next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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