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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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" g0 A7 c, }- [! \" _4 Z- s4 _The global economic recovery is proceeding broadly in line with the Bank's projection in its
& g$ K, V0 K3 p( S# z2 yJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
* A0 d, f# M, U; C% |3 _solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
0 J, q. Q- d! @1 y& x: k" Echallenges associated with sovereign and bank balance sheets will limit the pace of the European+ W3 i. Y0 h2 Y3 d y0 Y' _& g! Z3 T
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
1 Z) h q8 f! _- n% N2 V# hemerging-market economies is driving the underlying strength in commodity prices, which could
8 _( M0 g9 [7 ] Obe further reinforced temporarily by supply shocks arising from recent geopolitical events.! M1 g8 u) C+ U" w
% V0 Z1 Q# N/ H- fThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of- y1 E( a8 r5 {' G3 H1 h
the anticipated rebalancing of demand. While consumption growth remains strong, there are; b( e; ~. i' c) t) w
signs that household spending is moving more in line with the growth in household incomes.
* E; d7 w; G# a5 C# QBusiness investment continues to expand rapidly as companies take advantage of stimulative4 p; O4 }) Y1 L2 e8 `! I9 d; t
financial conditions and respond to competitive imperatives. There is early evidence of a
& a0 A' [ @% R M7 R+ X" orecovery in net exports, supported by stronger U.S. activity and global demand for commodities.9 ]$ Q `) k J" g1 X
However, the export sector continues to face considerable challenges from the cumulative effects" h$ L5 a7 H3 [2 U
of the persistent strength in the Canadian dollar and Canada's poor relative productivity J0 B% k$ D/ Q8 y* K, y7 d
performance.7 [: `8 d8 |# r, Z( i
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
3 Y* ^* r# N- N) x5 v5 a% c& X9 x/ fBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the+ {' y5 J' i: Z9 l3 l
considerable slack in the economy.* Z1 n+ X6 t7 G M: {4 V6 d9 T
% a( K8 O3 v$ W# B& F) UReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
, K- i( @( I) h% H. g# H: ~8 [at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
, q: }, L- e5 ]8 {2 per cent inflation target in an environment of significant excess supply in Canada. Any further3 N {3 |4 Q( ~# X5 {1 \( K/ `: i
reduction in monetary policy stimulus would need to be carefully considered.
; k$ \- @, C2 l# s MInformation note:( |' a5 _8 k, [7 ^- ~7 T2 ]. K
3 W! W. B0 w3 |4 hThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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