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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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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# ?9 O7 l5 A4 y2 @& [0 p& |The global economic recovery is proceeding broadly in line with the Bank's projection in its+ X. K+ d9 g# O3 G
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
* }& G, b* M0 Osolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
5 b1 U+ ~: m" O3 a% schallenges associated with sovereign and bank balance sheets will limit the pace of the European8 U' D. ~9 K" S; c
recovery and are a significant source of uncertainty to the global outlook. Robust demand from! Z3 q! }; M3 _( l8 g1 _1 q3 b
emerging-market economies is driving the underlying strength in commodity prices, which could. Y0 n7 Z( C9 m8 ]; T' q# N) L. ~. n) H
be further reinforced temporarily by supply shocks arising from recent geopolitical events.3 m* |3 m1 i/ w, a9 E# x

! H/ X. }+ i. H& b5 s& sThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of! y& ^' m1 s1 F9 |3 h: C. k& W
the anticipated rebalancing of demand. While consumption growth remains strong, there are9 v% V! b" q( o$ h
signs that household spending is moving more in line with the growth in household incomes.+ O, C8 _# D# O. U6 e3 I& S
Business investment continues to expand rapidly as companies take advantage of stimulative0 F; X  C+ Y: m2 F* s
financial conditions and respond to competitive imperatives. There is early evidence of a
5 F* c3 n& q5 t% I) o! nrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
0 i! e# ~" @0 P) v/ `  ~. xHowever, the export sector continues to face considerable challenges from the cumulative effects
, X! ^1 q& X. \* e4 J, eof the persistent strength in the Canadian dollar and Canada's poor relative productivity
7 |- c& V0 j4 W/ `performance.$ I. n) i4 a, O9 `6 d( d0 ~
$ f" U; J! V) c; y4 \" B
While global inflationary pressures are rising, inflation in Canada has been consistent with the
( E) v1 B9 H! o9 pBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the, q) a* Q7 ?# i3 y1 H
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 rate2 i3 c- K2 g/ C) A& k% V, o6 m
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
; U1 @! N: S% `6 g" a% v$ V2 per cent inflation target in an environment of significant excess supply in Canada. Any further
: _  L- d3 e' W4 H  Greduction in monetary policy stimulus would need to be carefully considered.& l6 j* m2 c2 J! z
Information note:
/ q9 N. u) p3 k; H; R$ u4 X* n0 A* c
The next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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