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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.6 N1 i \6 j& `+ ?* [
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The global economic recovery is proceeding broadly in line with the Bank's projection in its7 @6 \1 |* Q) V5 t1 j
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is* g9 X! s1 W$ X* f; A* K
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing- e7 f1 G) r5 X- ` W: F
challenges associated with sovereign and bank balance sheets will limit the pace of the European
8 L8 ^8 b1 \! E) J! ?. precovery and are a significant source of uncertainty to the global outlook. Robust demand from
8 ?- t4 z7 ]$ pemerging-market economies is driving the underlying strength in commodity prices, which could) G1 k; ^ o# @5 `! m, k. u
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
: Q, C0 W$ X3 T; jthe anticipated rebalancing of demand. While consumption growth remains strong, there are
7 D7 d N# F( j4 ~& Usigns that household spending is moving more in line with the growth in household incomes.
! W7 k5 A$ ]) c/ Y+ b. F3 p: _Business investment continues to expand rapidly as companies take advantage of stimulative
) J2 O, h+ E4 vfinancial conditions and respond to competitive imperatives. There is early evidence of a
3 P$ B* ^8 ^! s; j% I1 d: ?+ crecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
3 S2 n* I @) [( wHowever, the export sector continues to face considerable challenges from the cumulative effects
G5 Y" H( j# R) k9 ^ cof the persistent strength in the Canadian dollar and Canada's poor relative productivity7 p7 N3 Z4 z6 n0 i# a7 w& U. B: F
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
* {8 Z+ j d K6 I q$ f* K" qBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
3 F0 _, E! ]" P& S1 S4 lconsiderable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate) c. h& t6 A5 v) Z" ]4 A
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
/ Z k3 \ }8 t" j% I0 p! D2 per cent inflation target in an environment of significant excess supply in Canada. Any further
* j) s7 j+ Y. f) {. G( ireduction in monetary policy stimulus would need to be carefully considered.
( K9 \ F% J) [! WInformation note:/ X3 s; }& d! @: A6 V* y; R- l
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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