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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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 its9 X( L; @8 r8 m* L
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
# R/ y; D( G) Msolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing3 g0 B  E8 c" g  m6 |
challenges associated with sovereign and bank balance sheets will limit the pace of the European
4 U& z5 c; }, U9 A. Q. _recovery and are a significant source of uncertainty to the global outlook. Robust demand from' r. t0 G2 s( ^! U! Q6 |
emerging-market economies is driving the underlying strength in commodity prices, which could8 g7 Z# @2 P) h% y
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; e6 p- m; D( ?; B
the anticipated rebalancing of demand. While consumption growth remains strong, there are
1 j* y, W2 Z8 ~! k: jsigns that household spending is moving more in line with the growth in household incomes.6 H8 K! A8 C% l7 F' w9 i& [# f# q
Business investment continues to expand rapidly as companies take advantage of stimulative+ t5 ?+ g0 F1 L3 b
financial conditions and respond to competitive imperatives. There is early evidence of a
2 }6 j. y! ^8 J/ u# Xrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.1 {+ h5 A5 P- _( l  }" S
However, the export sector continues to face considerable challenges from the cumulative effects
- I* A+ H' u7 R, g  A" l" rof the persistent strength in the Canadian dollar and Canada's poor relative productivity
) n/ k; h( m% Z$ v" m/ z. g9 I/ q0 _performance.
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0 b5 z' o* z! Z# FWhile global inflationary pressures are rising, inflation in Canada has been consistent with the6 O1 P7 v" d2 ^1 ^! b" k: _5 d
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the3 e0 r9 P( m* \% R: j" n& i
considerable slack in the economy.
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6 M. Z- Z3 N, Z3 W4 d6 d" ]% fReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
) b- j. s+ o$ s% i9 I! bat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
2 a6 q( d6 \1 E- `1 d2 p4 C( `2 per cent inflation target in an environment of significant excess supply in Canada. Any further
- t2 |$ a, e1 \: {6 R. d( ^reduction in monetary policy stimulus would need to be carefully considered./ T( A( g3 Q2 b: C" U" L
Information note:
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" K: p2 Y* P% ^% d3 q8 E/ KThe next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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