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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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/ Y% T: E `& x5 ], m& i7 ~The global economic recovery is proceeding broadly in line with the Bank's projection in its
9 v/ |% L0 }( I( x+ H' oJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
8 a, \- a' S }solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
0 q [7 T* \2 {( i+ b7 y& [8 V3 ^challenges associated with sovereign and bank balance sheets will limit the pace of the European- I" c! w2 f2 z1 l' H1 f
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
3 y! U |+ ^6 R. n$ I: Semerging-market economies is driving the underlying strength in commodity prices, which could% Y w7 V; c9 X. N/ M
be further reinforced temporarily by supply shocks arising from recent geopolitical events.# I+ b, i0 |# ^- }" X7 S/ ]; T/ N
7 h7 F8 {4 h X% h P( I$ d# eThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
# R3 n: _; x! O( u$ jthe anticipated rebalancing of demand. While consumption growth remains strong, there are+ Q8 V: h/ z' T9 K+ p c/ c
signs that household spending is moving more in line with the growth in household incomes.3 ^) i. F( B- z7 B7 o
Business investment continues to expand rapidly as companies take advantage of stimulative' P7 W* I6 D4 D# O# q
financial conditions and respond to competitive imperatives. There is early evidence of a
( b) O2 X9 E: E$ Nrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
5 k y$ G* M* R5 u+ J G, T' ^However, the export sector continues to face considerable challenges from the cumulative effects
) D, u; C3 L$ P2 k! f1 Kof the persistent strength in the Canadian dollar and Canada's poor relative productivity( A) A$ L* n: ^, d- q( Z* l! z
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
2 l( g% ]. H9 p& ]/ P: wBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
1 w" y2 j' G1 j- Q3 i2 Sconsiderable slack in the economy.$ ]+ l7 n2 r) @: l( U5 C
' X& {, |8 P0 U- H; u/ IReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate! r8 T9 ?; w0 v4 Y9 L
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the# ]5 r+ F6 F# g! k" m! t
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
. p' X6 {3 t2 Y4 b: v% S0 ~reduction in monetary policy stimulus would need to be carefully considered.
( v" ~" ~. Z g& j" CInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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