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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.2 F. o& z* n" {
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The global economic recovery is proceeding broadly in line with the Bank's projection in its& x; o4 Y% d/ w: D+ i p
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
' x- x% k6 c& c# y9 v9 H- I3 lsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
" c; z" g# Y- x, dchallenges associated with sovereign and bank balance sheets will limit the pace of the European6 H. H7 }3 b. R" \) P1 b
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
" W9 j. |* S& E( T& b/ T! [7 Hemerging-market economies is driving the underlying strength in commodity prices, which could' `! Z4 b* J. J# a1 I
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
. [" X, q1 D! N' U9 N' K3 V* f7 a% }the anticipated rebalancing of demand. While consumption growth remains strong, there are
- @% N+ F0 u; H6 [8 y) jsigns that household spending is moving more in line with the growth in household incomes.- D* u- V! G) S; y# @0 T
Business investment continues to expand rapidly as companies take advantage of stimulative
1 l& F: }$ F0 T s. Tfinancial conditions and respond to competitive imperatives. There is early evidence of a
2 z6 p# y' Q0 L' g) g4 ~0 S3 Zrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.5 y. [& N3 w+ c+ ]" H
However, the export sector continues to face considerable challenges from the cumulative effects
! E& w& g1 I& V* m6 kof the persistent strength in the Canadian dollar and Canada's poor relative productivity5 C- \, @6 z: E, d
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the" U( s& J! G% ]) R8 X
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
' C! [& d6 c5 B Y! O7 K6 Y/ V9 q$ vconsiderable 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
. M+ y0 S# a1 ~, a- b. fat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
* z! b2 {7 \3 h+ l7 b+ S7 X( I2 per cent inflation target in an environment of significant excess supply in Canada. Any further
. f1 Y4 c% H; Z( m" d+ _* ?& y% @reduction in monetary policy stimulus would need to be carefully considered.
% b, a" o9 A" U/ `9 pInformation note:* H& B& u* W0 R7 V0 h
1 I" i; ]5 C, { \: G4 DThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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