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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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( ?6 b4 G2 S4 |# a4 i0 QThe global economic recovery is proceeding broadly in line with the Bank's projection in its( V0 R: M9 l4 m0 c
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is0 P- f w, P1 O8 L3 S
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
6 a6 S& u& }0 R0 P* [& zchallenges associated with sovereign and bank balance sheets will limit the pace of the European
7 q# V+ h+ j. a+ Wrecovery and are a significant source of uncertainty to the global outlook. Robust demand from+ y- T: e1 T/ X) X2 y
emerging-market economies is driving the underlying strength in commodity prices, which could7 X8 Z* J3 @/ B9 H2 ]/ I
be further reinforced temporarily by supply shocks arising from recent geopolitical events.: p" \. ]0 a' E$ P8 s$ ^
, V0 Q& n# G EThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
9 L4 r: ~5 {- Y4 Z) C2 cthe anticipated rebalancing of demand. While consumption growth remains strong, there are
z b- ?1 Q: T+ p" tsigns that household spending is moving more in line with the growth in household incomes.
( t8 \. n, v$ B0 xBusiness investment continues to expand rapidly as companies take advantage of stimulative3 l6 a" ?1 u; o t
financial conditions and respond to competitive imperatives. There is early evidence of a
; g( K7 Q8 f! w3 N0 V8 ~recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
: S! K& K$ V: r6 _7 JHowever, the export sector continues to face considerable challenges from the cumulative effects" V8 g& v$ y9 {) R, }' U" h
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
0 q/ q" ? F# F8 x. eperformance.( E. o7 {/ j2 N( q7 C4 c
6 f5 ?$ u! r G) Y3 VWhile global inflationary pressures are rising, inflation in Canada has been consistent with the* F+ s' ~# I& g4 ]- X
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
* i. G7 T" \( ]' y! R' Aconsiderable slack in the economy.5 m4 k7 D# z# l- @
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
! |' ~2 |" h2 T. n! i5 sat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
6 Z% Y5 C9 D& m2 Z" a( W' p# s2 per cent inflation target in an environment of significant excess supply in Canada. Any further, ?0 [: u% H: s' s" P" d
reduction in monetary policy stimulus would need to be carefully considered.- c) e3 m9 F( b4 ~* B, [
Information note:3 G9 @" }6 c h4 ]* F& y% d
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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