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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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( E8 @/ u9 E. `& K* ^. YThe global economic recovery is proceeding broadly in line with the Bank's projection in its
, u" v, t0 e% I0 w( L" rJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
1 g9 T: R" K& |solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
& o. {3 C7 m4 K, G9 m, d+ Vchallenges associated with sovereign and bank balance sheets will limit the pace of the European9 t0 A$ v5 e( G# u# Y! W; D4 F
recovery and are a significant source of uncertainty to the global outlook. Robust demand from# e) Z' r; |+ U8 X$ F1 ~+ {
emerging-market economies is driving the underlying strength in commodity prices, which could
+ r b; S) R9 H2 I% T9 Rbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of6 c! d* L2 I3 c9 q) `/ j+ B; g
the anticipated rebalancing of demand. While consumption growth remains strong, there are; p8 ^' S8 N, x) k# p7 }! H
signs that household spending is moving more in line with the growth in household incomes.
4 k0 D; H9 B: ^. V* r6 DBusiness investment continues to expand rapidly as companies take advantage of stimulative
3 o% g4 ] N# {3 a- K+ Pfinancial conditions and respond to competitive imperatives. There is early evidence of a" ~& ^! [+ v$ ]3 ], }
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.* A+ m* D0 {4 u Z! b) _! B
However, the export sector continues to face considerable challenges from the cumulative effects$ G0 L, q& u i9 m: \
of the persistent strength in the Canadian dollar and Canada's poor relative productivity- d/ m( k! r8 X+ ^
performance.
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& }8 A8 m. Z( I# FWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
. ^! g5 l. D" I5 nBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the1 K$ ^% y: H& d8 x+ G; y
considerable slack in the economy.
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+ L( }! Q s- c2 \' B, pReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
. H8 }' l: [4 t: |& J8 d( ]7 Eat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the, [8 V8 \6 j1 T9 B$ g3 Y" ?. h
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
: u6 w" K/ ] i. D y( nreduction in monetary policy stimulus would need to be carefully considered.
4 g* o% X& p8 o% h$ bInformation note:' w1 e( ]7 x* B
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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