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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./ L5 r; Q7 U+ ~! U- w) n$ x; c' v
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
W1 r0 {5 h/ C: v$ Z8 Y; B7 lJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
. `4 _/ i# v3 ^solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
0 Z2 l: |' J; ?6 q7 pchallenges associated with sovereign and bank balance sheets will limit the pace of the European* Q- W& Y2 x/ j' N K, }
recovery and are a significant source of uncertainty to the global outlook. Robust demand from2 O* K$ _/ V8 ]. N# a1 v, w \6 V, p
emerging-market economies is driving the underlying strength in commodity prices, which could, P7 h3 Z w7 }$ j1 d) ?$ P6 _. t
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of. \- A8 F- U+ R
the anticipated rebalancing of demand. While consumption growth remains strong, there are& Z0 r1 `* \, G P d9 z6 T% d, G" V& m
signs that household spending is moving more in line with the growth in household incomes.
6 J o9 X4 Z9 y* eBusiness investment continues to expand rapidly as companies take advantage of stimulative* j; J- {2 _0 ~
financial conditions and respond to competitive imperatives. There is early evidence of a
/ _. R/ v/ c4 G9 O, rrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.9 |7 u5 F) a% ^( X+ f( [
However, the export sector continues to face considerable challenges from the cumulative effects) \. ?! o% d: R9 t
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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$ S$ x+ V* G- D! e$ T A5 FWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
2 c5 g1 d' g1 B# a6 \5 d* e1 QBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the" M$ R( ^! w& W8 b4 C
considerable slack in the economy.
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5 n5 ^4 C( {# ?8 S- [; i) eReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
8 F& q2 K9 T$ E( S" yat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the% o( L4 `8 z' j& v3 O! M
2 per cent inflation target in an environment of significant excess supply in Canada. Any further" n. `+ ?, C H
reduction in monetary policy stimulus would need to be carefully considered. r/ l" k& a! |! C+ P$ l: l
Information note:
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# w% A! T- D! H$ ~# W" _8 FThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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