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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
6 s/ I7 u R4 ?1 U- d( ^January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is; C: z% w! c/ ~6 M
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
& Z) P# }; x/ I( Z6 N* Zchallenges associated with sovereign and bank balance sheets will limit the pace of the European f: a% E3 R7 L7 ~
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
d: \* ~/ k' n- v6 }; }emerging-market economies is driving the underlying strength in commodity prices, which could# b) }3 H1 Z! P! I f9 d! Z
be 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 of
" W6 R- L$ J* @. xthe anticipated rebalancing of demand. While consumption growth remains strong, there are
2 Z- i1 o' i/ T: y. f/ I5 isigns that household spending is moving more in line with the growth in household incomes.
/ x$ A3 W& W0 g, YBusiness investment continues to expand rapidly as companies take advantage of stimulative
; J: J" e8 I# t9 o) c2 r- b" Y3 h$ kfinancial conditions and respond to competitive imperatives. There is early evidence of a' D* m K8 L+ b, i) J
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.. S5 W) j# h5 A7 |
However, the export sector continues to face considerable challenges from the cumulative effects5 ` C% L* _3 D) K1 T
of the persistent strength in the Canadian dollar and Canada's poor relative productivity5 ]' a6 B" h5 U3 O# D
performance.2 M% E% `( H; g
# W1 |! R/ V/ w& a% c# DWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
+ Q/ z4 |+ M3 ]/ J& o$ s) C& N! PBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
5 \9 z( b4 F9 ^' mconsiderable slack in the economy.# S6 o$ R2 H7 q1 _ n, ]
, T% K; a5 t# ~Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate+ i' y# e! ?3 ^; `! e
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the9 O0 h$ G7 T; [7 y- Y
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
D# ]4 p+ Q y& W1 r2 Creduction in monetary policy stimulus would need to be carefully considered.( [- c7 R9 U' m; _1 ?
Information note:2 J" k& G! A5 z- B8 k
/ U- K' _/ m* R! }% l" eThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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