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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.4 ]5 }( { m! L$ ]: M' ^2 E
$ L1 [6 H$ Z2 t. ^! e3 F4 R# ?The global economic recovery is proceeding broadly in line with the Bank's projection in its* v0 m& Y) {0 D# u. L9 X
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is' @( Q! x; @; V6 w$ Y
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
8 [: C1 D5 [( Q# P9 X% x6 Dchallenges associated with sovereign and bank balance sheets will limit the pace of the European% M0 M6 u, L4 Q G. E2 C" _
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
) ?2 z1 B3 ^; m: |1 N6 bemerging-market economies is driving the underlying strength in commodity prices, which could$ E% a3 `" Q) e2 }
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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& _9 j. L; n2 Y- v$ n, [The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of! d2 u; q( _ A2 R
the anticipated rebalancing of demand. While consumption growth remains strong, there are- N7 C" N$ \( z5 F5 S; R6 O
signs that household spending is moving more in line with the growth in household incomes.+ f; E2 P u$ T- i8 {( O
Business investment continues to expand rapidly as companies take advantage of stimulative
/ ]' h& ^' L+ _+ D' N' Gfinancial conditions and respond to competitive imperatives. There is early evidence of a9 }1 b7 t, X5 s' F$ @
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.* ~9 {+ |" s) l: L% M8 C
However, the export sector continues to face considerable challenges from the cumulative effects
2 D- j( l7 r/ ?# F. B; B2 a7 Aof the persistent strength in the Canadian dollar and Canada's poor relative productivity5 K5 T @ p, ^( T1 `
performance.2 ~; b8 N4 R- o" x& ^
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
# c' w0 s& e+ v* r* MBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the1 k4 r/ l/ i: G3 [2 y
considerable slack in the economy.$ C+ x, ]( d4 J, `0 o; S2 g8 b5 f
% v k, b4 n7 w4 @0 V: C1 l% |Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
: O, R6 [) J- i! n6 mat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the: X, [, F1 \8 L, r
2 per cent inflation target in an environment of significant excess supply in Canada. Any further; Q" E2 a; B0 E+ ~* J
reduction in monetary policy stimulus would need to be carefully considered.
" ^8 e7 A/ y0 x5 I* ^! ?, h* CInformation note:3 X8 A; A0 o! I! D1 _; A
; d/ H6 @1 z, T" SThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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