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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.% c7 p) S' L$ ?, k2 }' l
& D9 _8 X* Q+ w5 b! R* uThe global economic recovery is proceeding broadly in line with the Bank's projection in its/ m% Q. X, t+ J- G# P" \9 o, q
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is' s$ }/ V( _% ^( w5 V7 ?( T) v
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing. @) U/ Y. m7 E% I
challenges associated with sovereign and bank balance sheets will limit the pace of the European( \- e! c* B7 G. n
recovery and are a significant source of uncertainty to the global outlook. Robust demand from5 |, D) I* X: S
emerging-market economies is driving the underlying strength in commodity prices, which could# ]8 j& R3 c: t1 Z7 S
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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6 L6 N4 C7 e* x- f7 q$ c. y9 f& JThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of& W9 b( r1 j- O) \" |8 N
the anticipated rebalancing of demand. While consumption growth remains strong, there are
5 V. F4 N$ {- I& p# Rsigns that household spending is moving more in line with the growth in household incomes.
! C& i# m9 Z1 Y1 F+ j) RBusiness investment continues to expand rapidly as companies take advantage of stimulative
- L$ H2 Q7 z# c' L( _! Efinancial conditions and respond to competitive imperatives. There is early evidence of a
% l6 q+ t6 | V n: x! |& d/ p" zrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
: ^& e% [2 Z3 f9 V0 W5 v6 L% THowever, the export sector continues to face considerable challenges from the cumulative effects
" x8 R+ i" J% tof the persistent strength in the Canadian dollar and Canada's poor relative productivity K" l& @6 ?) w5 x- b& r L: g, n) O
performance.2 S5 O' o! e9 c/ f5 A, |# a
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
# |" J7 @$ o4 `7 @( b$ eBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
1 t' {9 N" Q1 {* }( F2 X& Rconsiderable slack in the economy./ i: e3 e3 J5 V" e
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate+ [* z6 b1 y' C/ v5 x$ T
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
0 f7 _' f) Z' _3 I2 per cent inflation target in an environment of significant excess supply in Canada. Any further
/ p) f& o4 R; R r) q# Freduction in monetary policy stimulus would need to be carefully considered.
6 W0 \/ _2 t3 c* ^+ f9 eInformation note:9 g& l: Y" X) }( R' {- s
& U8 W' l- m; b5 |- o7 I3 S+ G- `/ o" OThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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