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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.* |/ f0 j2 P: l+ g* ?
& u- G* w0 k$ k" ]" ZThe global economic recovery is proceeding broadly in line with the Bank's projection in its9 f+ g* v8 ^5 |3 a
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is) x, o' R% d+ r# W. ? D" C
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing2 l6 f. U1 O% f) M- _
challenges associated with sovereign and bank balance sheets will limit the pace of the European. ~, B8 `) O+ }- ]8 D" M
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
+ G9 |2 t. o- `0 K1 ?) ]* demerging-market economies is driving the underlying strength in commodity prices, which could5 B7 u J/ S1 r9 G. E
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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) B2 X/ d4 u- _! V+ J7 VThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
; Z P. A$ S9 f! Qthe anticipated rebalancing of demand. While consumption growth remains strong, there are. t$ P' C9 R* P6 L! t. ^" k% y) i
signs that household spending is moving more in line with the growth in household incomes.9 O: ^" _- t: x/ N W1 ?& y$ X/ M9 C
Business investment continues to expand rapidly as companies take advantage of stimulative
: a, W5 @% Q" D( Nfinancial conditions and respond to competitive imperatives. There is early evidence of a
0 U. p0 l0 Z5 Wrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
* W. R5 a/ l, [" s8 FHowever, the export sector continues to face considerable challenges from the cumulative effects: e: a: u, m L
of the persistent strength in the Canadian dollar and Canada's poor relative productivity; s$ C/ T- }. c+ I! d& b
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
7 g5 ]- n% \8 P) i! C/ ], YBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the' _! k9 C9 Y Z2 k5 ^
considerable slack in the economy.: X9 K! i! o3 c8 B2 F
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate$ w( G/ b* c- A2 E0 ]% n) q3 x: N
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the# P$ z6 Y+ f% E/ O
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
. D% a/ u+ U( `reduction in monetary policy stimulus would need to be carefully considered.
- Y0 I1 F# H+ o% s( ]. I. YInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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