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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.* j( `6 O6 P3 N0 v, N3 }
$ \' e7 k5 y0 N6 s4 XThe global economic recovery is proceeding broadly in line with the Bank's projection in its
' r( ?8 M2 V( l* o, l9 e3 jJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is% Z$ x; V$ ?" Z
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
4 O+ V* m$ e; ychallenges associated with sovereign and bank balance sheets will limit the pace of the European2 u( ]3 w) c4 C/ G- q! K% D$ `; `
recovery and are a significant source of uncertainty to the global outlook. Robust demand from p# U8 ?" {$ L( T
emerging-market economies is driving the underlying strength in commodity prices, which could) X. ^0 z3 h% D/ i3 b) }/ e
be further reinforced temporarily by supply shocks arising from recent geopolitical events.5 n; ~3 U! u5 ]) k1 X5 `& d6 y
- b; ^4 z3 z4 XThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of2 B1 _, I7 y+ u" V0 I
the anticipated rebalancing of demand. While consumption growth remains strong, there are9 U0 t8 u" O/ A& K6 t1 Y4 P' j' b
signs that household spending is moving more in line with the growth in household incomes.- I5 V& |- f7 B1 S# P1 {
Business investment continues to expand rapidly as companies take advantage of stimulative) N% V; A) s k$ ?
financial conditions and respond to competitive imperatives. There is early evidence of a
7 @- @5 w2 `# g& H3 E; `6 precovery in net exports, supported by stronger U.S. activity and global demand for commodities.
+ Z' M9 |3 F) G+ lHowever, the export sector continues to face considerable challenges from the cumulative effects5 g9 ?' [ Q* K$ s
of the persistent strength in the Canadian dollar and Canada's poor relative productivity f7 l% @# a q
performance.# x9 U8 B+ K M3 i- R
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
, D8 c% O8 k/ W' J1 A, ~Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the' |) B, F) h* W. J/ r
considerable slack in the economy.
+ \' i) q7 ?: A# f7 s1 R
9 v8 j* [4 @' |+ A9 U/ \Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate- m V& A8 H& k2 {1 M
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the( b) k! I" A$ P9 w
2 per cent inflation target in an environment of significant excess supply in Canada. Any further2 s/ h7 d+ x, d: |, D
reduction in monetary policy stimulus would need to be carefully considered.% C0 b8 {9 g1 s# u& {5 d; o
Information note:
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2 T# A9 c4 Q& j( h4 |: G! gThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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