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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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7 r9 c: C7 U. G5 L N0 RThe global economic recovery is proceeding broadly in line with the Bank's projection in its
6 f, |; j2 {5 JJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is$ G- g. u5 u, a0 e0 K& M
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing. J- F& |" u7 T4 X- z7 |
challenges associated with sovereign and bank balance sheets will limit the pace of the European
9 Y" `# [+ Q a$ w. G7 w+ xrecovery and are a significant source of uncertainty to the global outlook. Robust demand from9 G4 X* \5 y( M: l ?8 ^! K
emerging-market economies is driving the underlying strength in commodity prices, which could
4 X2 R0 L# m% Y4 Jbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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9 U% O# B' A- U7 s2 SThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of" r, y& W3 J C7 u+ X. Q
the anticipated rebalancing of demand. While consumption growth remains strong, there are& {" g! ~4 K" C
signs that household spending is moving more in line with the growth in household incomes.+ `- X h. x" G& A1 `: r* {
Business investment continues to expand rapidly as companies take advantage of stimulative7 `# b" @0 e" {# k% R1 j- O2 d+ f
financial conditions and respond to competitive imperatives. There is early evidence of a
1 p. ?, i* j* a3 t# Q) b9 |; e' Nrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
6 P; M: S; M9 e% XHowever, the export sector continues to face considerable challenges from the cumulative effects. C2 J7 w& m. L6 O
of the persistent strength in the Canadian dollar and Canada's poor relative productivity9 ^6 p) f/ b! \
performance.
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5 v: I: L' _/ j# BWhile global inflationary pressures are rising, inflation in Canada has been consistent with the8 T. {$ M' I! E0 W
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
) ]8 i( T t! z( y; Econsiderable 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
2 u1 _# N2 n/ F/ _: @: M$ zat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the7 d( v& J. Z) ]! Q7 O/ A
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
1 C4 P8 s3 j6 K- yreduction in monetary policy stimulus would need to be carefully considered.4 U" g3 a) {- R6 ?! H9 I" @8 d
Information note:( Z4 I# N" K7 I- Z" A) I! U
: ^ h9 O3 P3 O5 C) M2 j G) AThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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