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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.
8 V# N/ O# z$ }9 x
3 O# b; [2 y' J1 v5 oThe global economic recovery is proceeding broadly in line with the Bank's projection in its- v5 \1 r+ S0 ~; z0 _
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is7 z4 R: E3 b1 o6 [1 e5 x0 ?
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing/ v* F8 H' Z; C9 l
challenges associated with sovereign and bank balance sheets will limit the pace of the European  L9 r) V5 C& n$ u! J  T" d' h( ?
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
1 k: ]4 S- e" {  |, u* E2 Jemerging-market economies is driving the underlying strength in commodity prices, which could" C5 x, C; w, _- ~/ K1 `$ e
be further reinforced temporarily by supply shocks arising from recent geopolitical events.& F3 [$ w# h; a
: D% {- a- {6 ?$ w- S0 D* \
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of1 C' N4 k4 O. I; x& b* ~
the anticipated rebalancing of demand. While consumption growth remains strong, there are
8 {  r$ M) ~5 t9 I5 Lsigns that household spending is moving more in line with the growth in household incomes.  ^! T" r" I3 V. e
Business investment continues to expand rapidly as companies take advantage of stimulative: L3 J- x' Y. g1 Q
financial conditions and respond to competitive imperatives. There is early evidence of a
4 X; l- Z, m3 q/ z# k  ^recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
& L7 V0 l9 _% h  d, XHowever, the export sector continues to face considerable challenges from the cumulative effects7 r; j9 b/ i$ I
of the persistent strength in the Canadian dollar and Canada's poor relative productivity( i+ d$ v$ i$ b# J% C! s2 i) ~
performance.8 m$ ]$ P2 w9 v$ c. I9 F$ I. F

6 F& v$ u' g. o4 k% jWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
9 Q+ k: M# D  T5 u+ DBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
9 {+ P2 ^1 a' O7 C/ @- Kconsiderable slack in the economy.* T) b  j; J3 e4 q8 q

7 ~( `. s( b8 p- ?- lReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
% m9 a% f$ z6 Yat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
' V" |; e" \& U% l9 [% A* d3 c2 per cent inflation target in an environment of significant excess supply in Canada. Any further/ A$ p/ l0 ~! }( k7 {
reduction in monetary policy stimulus would need to be carefully considered.7 f# B& N$ g  ]7 n% f4 b
Information note:
1 o6 F1 }0 f6 c4 }/ `5 G4 w3 D
+ L6 n+ t4 J( u6 D) [The 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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