 鲜花( 65)  鸡蛋( 0)
|
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.
$ ?& P& M3 K! x$ n+ O& L9 g) q8 w. I+ s! V: {! Q. v+ ^
The global economic recovery is proceeding broadly in line with the Bank's projection in its
1 g3 e. k6 \5 |8 @# {January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is2 R {# S4 v0 l6 Y
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing9 a% P: a M' T( o3 c: ?
challenges associated with sovereign and bank balance sheets will limit the pace of the European
1 r# s1 r% Q, {recovery and are a significant source of uncertainty to the global outlook. Robust demand from3 o& Q7 U2 ]" \. s+ Q# A" P
emerging-market economies is driving the underlying strength in commodity prices, which could
n+ G6 P# [+ \/ T W6 A/ Gbe further reinforced temporarily by supply shocks arising from recent geopolitical events.2 N6 w1 D' ^, V8 |3 T
5 P" D, H- } L) AThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
1 S) B- u1 z6 X9 q. V) {* f8 I3 |the anticipated rebalancing of demand. While consumption growth remains strong, there are
! v8 A0 I4 V1 I3 r6 V3 Xsigns that household spending is moving more in line with the growth in household incomes.4 i5 g: r; ^) q* y$ j$ q: w: Q7 S
Business investment continues to expand rapidly as companies take advantage of stimulative
4 B7 B4 v9 o" t' C! d; yfinancial conditions and respond to competitive imperatives. There is early evidence of a6 L+ O. V" F+ h$ Y5 y: I3 H
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.1 | q. g" t; Z ^ _' l3 B
However, the export sector continues to face considerable challenges from the cumulative effects' `/ G0 V( S' Z, v$ C( R* {; a8 E
of the persistent strength in the Canadian dollar and Canada's poor relative productivity3 z( |- h; d4 n$ {6 B" C9 u
performance.
7 u1 C, x4 W8 H+ S6 |9 Y7 P1 I5 C
8 s- `9 Y5 `2 ^7 P& B; vWhile global inflationary pressures are rising, inflation in Canada has been consistent with the5 M. {! p3 N, B2 f$ f; B2 }
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
0 _1 R) V |; K4 ~/ o6 n/ v/ jconsiderable slack in the economy.9 S; g a7 S; U p, h2 O& \6 _
' J, j: X6 v6 D& QReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
: k( n! v! f. p+ cat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
1 w5 [; T- Y7 i% P( y2 per cent inflation target in an environment of significant excess supply in Canada. Any further
0 I; Q( w* h! n! H$ Q o9 y7 N; y# ^reduction in monetary policy stimulus would need to be carefully considered.
8 e( ^9 Z' n" R1 {Information note:
% R7 f- e, ~% Z6 v# c* I1 J" A0 L
1 _) e; e6 f; n1 |The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|