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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.# b- e( F- [; y3 H* r0 w- V
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The global economic recovery is proceeding broadly in line with the Bank's projection in its6 m* m9 @3 _' _
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is* M8 x! V2 }/ t i; B6 r9 j
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
$ `' p4 B9 u% x6 @; x, p% @6 @challenges associated with sovereign and bank balance sheets will limit the pace of the European
9 i' U3 [1 I" u, S* x; c! Irecovery and are a significant source of uncertainty to the global outlook. Robust demand from2 f3 U$ ~: w3 \9 D' [" F3 g" x% i
emerging-market economies is driving the underlying strength in commodity prices, which could7 L, l" i" ?( Y* m. x+ \
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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, v% _1 L- q9 }) U LThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
7 H' j7 \! y( ?the anticipated rebalancing of demand. While consumption growth remains strong, there are; o0 ]1 W% t6 U! T) ]: r- v2 R6 w
signs that household spending is moving more in line with the growth in household incomes.
2 z+ b; e6 \6 u7 {2 {Business investment continues to expand rapidly as companies take advantage of stimulative6 v/ ^% b7 _) G, h& T
financial conditions and respond to competitive imperatives. There is early evidence of a' X6 X& ~6 |$ |7 b1 C+ \2 l
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.7 ]* r" F" v) A: Y+ g
However, the export sector continues to face considerable challenges from the cumulative effects
$ M5 L5 t% L1 B$ M/ uof the persistent strength in the Canadian dollar and Canada's poor relative productivity
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While global inflationary pressures are rising, inflation in Canada has been consistent with the9 p+ u# f* s. P, r% `. B5 x
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
8 Y" T) V0 c; j! {5 t# q: j4 B7 l/ Vconsiderable 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
$ y! v6 P$ e, j4 x$ S4 Jat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
9 m5 b7 |; T R2 per cent inflation target in an environment of significant excess supply in Canada. Any further
& ]; q/ V% q+ S7 P) rreduction in monetary policy stimulus would need to be carefully considered.
; ?" }6 ?5 [% T: B0 j& rInformation note:
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3 M+ N' K. ^1 t: j* V% gThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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