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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its4 J+ N4 l: a, y1 V) }6 l) z
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is7 s0 { `$ j- B1 u0 O
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
# ]' i4 X% m C. |" s! I" Xchallenges associated with sovereign and bank balance sheets will limit the pace of the European
: F4 @- X" x9 X# X7 a2 m; xrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
) T, U" _( t: D7 Xemerging-market economies is driving the underlying strength in commodity prices, which could3 k: E7 \2 x# B/ I! v
be further reinforced temporarily by supply shocks arising from recent geopolitical events.) x% H' `% m; I* z$ `
% X! \1 K, P' X7 GThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
' i0 x* h; P! k* A5 c9 Vthe anticipated rebalancing of demand. While consumption growth remains strong, there are
; J y0 F+ |5 z# \8 _signs that household spending is moving more in line with the growth in household incomes.9 }3 T) a% m! P, m) D+ v; D
Business investment continues to expand rapidly as companies take advantage of stimulative
7 G1 c. B4 L- n5 r/ P+ f6 Wfinancial conditions and respond to competitive imperatives. There is early evidence of a$ M2 t8 p7 \: k* `& Q; ~4 b
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.0 p6 `) B' y/ t3 t6 T4 \ j$ ~9 o" J
However, the export sector continues to face considerable challenges from the cumulative effects
$ Q+ d* W8 |5 k" ~1 Fof the persistent strength in the Canadian dollar and Canada's poor relative productivity5 i% _7 y' J. i4 Z% O
performance.
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$ s; N% S1 s& |" W) |" m0 c% G$ h$ GWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
- P3 e1 W k- E G0 F! J' G9 UBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
9 c5 `; d- |* Hconsiderable 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
/ t j6 o/ ]5 A; N* o: k+ lat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the6 h- E, v5 v. T5 `0 V+ y' N
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
3 k$ f, G' A2 dreduction in monetary policy stimulus would need to be carefully considered.
! G% Z' y- q, X4 T5 W) TInformation note:5 F7 {# ]. s: f
, y) N$ y; M/ \& U2 y8 q: s9 k' \* xThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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