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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.! r% {7 _9 N/ }8 k8 ?+ j
1 n% X8 ^, r7 J3 o s& V/ ^% jThe global economic recovery is proceeding broadly in line with the Bank's projection in its
. \, u. m6 m& d4 [! BJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is5 p# n4 f6 v$ w# G8 F; M' Z
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing6 j% I/ n, l& v. O; }6 r+ g
challenges associated with sovereign and bank balance sheets will limit the pace of the European
: H' S& z6 k; K7 j/ |recovery and are a significant source of uncertainty to the global outlook. Robust demand from
# A, s# W2 _3 y% c9 q$ { pemerging-market economies is driving the underlying strength in commodity prices, which could* h6 M3 m. Y V1 F' m
be further reinforced temporarily by supply shocks arising from recent geopolitical events. U; e- w# e& t0 r q' B8 i
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
6 N3 k& v0 a* Qthe anticipated rebalancing of demand. While consumption growth remains strong, there are
2 b# S- }, S. u4 s6 Osigns that household spending is moving more in line with the growth in household incomes./ J2 e/ }; S; D: v
Business investment continues to expand rapidly as companies take advantage of stimulative
8 H1 i% E! c, p7 h9 @8 e* Ffinancial conditions and respond to competitive imperatives. There is early evidence of a3 c% ^5 g% H3 F* L7 m2 {0 q
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.' ?% D! T& C& _$ e* c+ P
However, the export sector continues to face considerable challenges from the cumulative effects( s; u1 D& {. K" O" y( j
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
& P0 W' _! f- [0 zperformance.
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' z8 [9 A; J4 HWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
/ c1 P6 P1 T7 C; i( TBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the) |0 m1 v3 `, ~/ K) T3 x
considerable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate; o8 k" b* C) q; _5 z
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
5 {& h5 n- ?, h$ O5 @2 per cent inflation target in an environment of significant excess supply in Canada. Any further/ Q' u ^5 L) j
reduction in monetary policy stimulus would need to be carefully considered.
1 |$ ^& b7 ^% w/ J! c" VInformation note:
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( Y* z/ K" S/ l: q9 H0 zThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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