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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 its
?. B: Z$ W- t0 PJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
4 v+ n0 `! ?. m9 Asolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing" ]2 y7 W$ N. E6 y0 |4 T' Z
challenges associated with sovereign and bank balance sheets will limit the pace of the European4 ?: T# |0 A! i8 T' U
recovery and are a significant source of uncertainty to the global outlook. Robust demand from' }# Z$ y" q3 Z+ I
emerging-market economies is driving the underlying strength in commodity prices, which could
4 m+ K$ Q+ u2 |# \, p+ M/ v. Obe further reinforced temporarily by supply shocks arising from recent geopolitical events.8 U5 a4 ~, r P. d) P
- g/ x1 H( {2 hThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
8 _7 i9 J5 w$ s- z- Fthe anticipated rebalancing of demand. While consumption growth remains strong, there are
: w, D ?5 u' ?! X/ N7 Bsigns that household spending is moving more in line with the growth in household incomes.
. X- v! B. J' E' dBusiness investment continues to expand rapidly as companies take advantage of stimulative
, o$ g. e* a* s! e1 X+ y% rfinancial conditions and respond to competitive imperatives. There is early evidence of a
% l) d' |) I) \: Q5 u# p) Q- Krecovery in net exports, supported by stronger U.S. activity and global demand for commodities.* N7 f- }9 E: U. T" R
However, the export sector continues to face considerable challenges from the cumulative effects
3 A) [/ R7 x) s. G/ T8 Z# Z8 y7 R$ M1 Cof the persistent strength in the Canadian dollar and Canada's poor relative productivity: l, M. N5 I% O
performance.4 R" [$ u: [9 X+ x3 ~. f. R2 c
! r7 N4 [5 `5 m' R+ gWhile global inflationary pressures are rising, inflation in Canada has been consistent with the2 f; s7 y- C- L# l0 @' z! [
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the$ E0 J. B! o4 v( e, \* t
considerable slack in the economy.- ?' N! [6 d% n; {2 r
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate+ W! F; l! q1 f% u* c) c8 L: _1 x/ m
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
( v7 ]- o% l9 H- c% N, }$ t3 q2 per cent inflation target in an environment of significant excess supply in Canada. Any further
/ y N; z; ^' d" n! D" Z/ \reduction in monetary policy stimulus would need to be carefully considered.
% g- |3 {% W2 w- z4 G; {4 SInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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