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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.- k, d( |$ G, g% w- Z8 A
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The global economic recovery is proceeding broadly in line with the Bank's projection in its( F! T, K% ^8 X4 Z
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is- s; [2 D) Y5 Z/ w F
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing* _7 x% Q3 ^( i' s. h
challenges associated with sovereign and bank balance sheets will limit the pace of the European( y8 w3 h2 j. O8 w
recovery and are a significant source of uncertainty to the global outlook. Robust demand from: A) w7 s0 y* ~3 C
emerging-market economies is driving the underlying strength in commodity prices, which could. W+ ]5 n* i9 P0 ?) T7 a* e
be further reinforced temporarily by supply shocks arising from recent geopolitical events." h4 T7 c- o% _! h/ }& C
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of' W0 f0 A5 U7 r. k6 ?6 o; b
the anticipated rebalancing of demand. While consumption growth remains strong, there are7 U$ H0 s) p: O6 U% ?8 C7 n( ^ ]
signs that household spending is moving more in line with the growth in household incomes.
" g8 f; W3 g, ~Business investment continues to expand rapidly as companies take advantage of stimulative) {- Q! ]9 ^2 ?% _; ~
financial conditions and respond to competitive imperatives. There is early evidence of a; V- ^# ^! m: q; R
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
( l# |6 ^9 \5 D+ ^. S* s, eHowever, the export sector continues to face considerable challenges from the cumulative effects3 r3 S5 Q: t" o# n
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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0 N1 C' R+ x+ I& N5 g sWhile global inflationary pressures are rising, inflation in Canada has been consistent with the x& _7 K8 e; i# W
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the3 z. A; h% U. A( T' D' w1 b" ?
considerable slack in the economy.1 `: K$ J) ^/ I: |/ l+ e
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate8 b+ }9 Q; p% F
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
, c% T u+ S& ^! H+ l8 I, n5 O8 F2 per cent inflation target in an environment of significant excess supply in Canada. Any further# _$ ?5 N5 N; m1 l- S# q
reduction in monetary policy stimulus would need to be carefully considered.5 q) W% ]/ b0 F9 V
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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