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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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.  f* t5 j' |. z2 M
' }1 e7 {) T% u
The global economic recovery is proceeding broadly in line with the Bank's projection in its
/ U2 B" b# h" j( T" U% uJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is1 O, J3 h) I% b6 V8 x8 i
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
- t, j" O; _# h2 K& G  h- m- j$ tchallenges associated with sovereign and bank balance sheets will limit the pace of the European5 G4 q4 q: E) J* S5 {
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
6 B8 j, g' u+ M4 N2 Z0 remerging-market economies is driving the underlying strength in commodity prices, which could; }+ c  s$ V* b" R" t
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
: _9 w( p) H; f# u1 k6 L$ q( Y8 I* c4 E- x6 d
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of- d$ B6 ?4 t1 `( \2 K6 U
the anticipated rebalancing of demand. While consumption growth remains strong, there are" k! b8 Q$ r+ L! z; d
signs that household spending is moving more in line with the growth in household incomes.- ]6 X* _1 @8 M2 g
Business investment continues to expand rapidly as companies take advantage of stimulative
9 {# U: _3 a$ g) Jfinancial conditions and respond to competitive imperatives. There is early evidence of a  r& o5 G; B, x6 F$ a+ [
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
* _1 J7 i7 c7 _" x8 N, v5 X% JHowever, the export sector continues to face considerable challenges from the cumulative effects3 H( G$ c5 o0 o& V
of the persistent strength in the Canadian dollar and Canada's poor relative productivity' z  j. v1 Z3 j  }3 A0 G% m) I/ f
performance.  m' U) f; l- b& D+ E, M* `* Q

, n4 k4 M6 S/ Y4 Z" d" d0 G% D  rWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
! W* i# L# O- _4 ^" v6 ~9 P& FBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the+ m& a! E5 y" U/ i2 N* @
considerable slack in the economy.
5 \' W$ F1 ^3 W$ A
/ R5 x5 R! V+ d4 W: ?2 HReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate3 D! Y2 B$ ?* _+ i
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
, a" }) ^3 h, n! R2 per cent inflation target in an environment of significant excess supply in Canada. Any further8 D" [2 F) e, B  W
reduction in monetary policy stimulus would need to be carefully considered.- v, }# Z2 h7 E- Y0 o: Z
Information note:
/ p+ A7 P% L8 T' i+ I2 C: U- H' E- Y5 U. n% B5 [' H
The next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
理袁律师事务所
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