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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 its2 M7 {9 i0 @2 m! W: q3 q
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is4 d8 g4 g5 \1 k/ u9 ^+ b6 E* j
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing9 z. k$ W7 s+ \; U
challenges associated with sovereign and bank balance sheets will limit the pace of the European
( ^* E- B! X* L. B( Erecovery and are a significant source of uncertainty to the global outlook. Robust demand from
! b7 R: g5 A- a, ]- oemerging-market economies is driving the underlying strength in commodity prices, which could
& b+ J) Q' ~/ k/ n4 pbe further reinforced temporarily by supply shocks arising from recent geopolitical events./ p* h, P Q0 I8 e) F8 C
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
4 l1 ^$ L, o* e% d# C; M* M# \+ Nthe anticipated rebalancing of demand. While consumption growth remains strong, there are
! }5 \; Q5 z# `, k$ U, gsigns that household spending is moving more in line with the growth in household incomes.
; h* k Z( ]; p! j$ U3 ~( L% ABusiness investment continues to expand rapidly as companies take advantage of stimulative
$ N8 Z' s6 y$ S4 K8 X9 e+ Afinancial conditions and respond to competitive imperatives. There is early evidence of a
7 D% J. |; [( Z5 Orecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
1 s I6 D1 `7 M- O0 l& S, K( b" H( XHowever, the export sector continues to face considerable challenges from the cumulative effects6 W h1 _- ]. |; I% z' S
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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9 @0 ~0 m3 B4 {( Z- EWhile global inflationary pressures are rising, inflation in Canada has been consistent with the2 V) M+ b- F5 I& r* p
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
$ x, _! q9 C$ Qconsiderable slack in the economy./ F# g9 a6 U" W4 Y. e, ?9 ^
, Q% J2 o/ U% _" C5 A2 bReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
9 R' D' O* Q e/ g0 {at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the& W( `- y: |$ J% j" y
2 per cent inflation target in an environment of significant excess supply in Canada. Any further/ b* t9 ^% C8 j$ A; ^4 a
reduction in monetary policy stimulus would need to be carefully considered./ s* n+ [- L3 g
Information note:
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6 r; h5 f) S* [8 M$ jThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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