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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.* U/ P' Z8 d' y6 B* v
& q& q3 t  X2 G- p! Q# {
The global economic recovery is proceeding broadly in line with the Bank's projection in its7 v0 V# {9 m8 }. Y+ k& _
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is3 W7 f7 [$ k# x0 v' e1 v9 p9 M
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
! r! N8 Y% |0 t7 t) Achallenges associated with sovereign and bank balance sheets will limit the pace of the European6 O% |" g/ p3 N' v
recovery and are a significant source of uncertainty to the global outlook. Robust demand from& k0 Q: Y8 N% Y& @* W% t; Y" S8 n
emerging-market economies is driving the underlying strength in commodity prices, which could  U4 {$ Z+ e7 d' Q, E% z% H
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
6 ]9 w& {3 [0 ^0 e: j* ~$ `+ }. g% \! i; \5 z. [5 H
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of& n: j0 _- m5 q. M2 Z' \0 E
the anticipated rebalancing of demand. While consumption growth remains strong, there are0 i8 s/ _  d- G! D: w
signs that household spending is moving more in line with the growth in household incomes.
& m; F  w) }  R& e% j  uBusiness investment continues to expand rapidly as companies take advantage of stimulative6 Z$ {& O8 Z8 A. {0 Z1 u- ^
financial conditions and respond to competitive imperatives. There is early evidence of a* H' `& r4 I3 }6 y3 Q; T
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.7 T4 b  i( i2 m5 w' G
However, the export sector continues to face considerable challenges from the cumulative effects
6 X! Z1 y) _; ]! j! p% T0 lof the persistent strength in the Canadian dollar and Canada's poor relative productivity
1 H9 O. F' C! s5 {performance.
$ |0 J3 Q) l/ Z3 l/ z
# F- ?' j% \. w# d" e8 B! tWhile global inflationary pressures are rising, inflation in Canada has been consistent with the* A0 P( O1 @$ u# }2 D9 G1 r4 C
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
8 v' o! V* I. p" ^+ ]considerable slack in the economy.2 c6 H8 V$ v! f( H5 ~4 i
* ^: }+ i& Y5 P2 l- a
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate7 y6 i8 D3 s( `
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the, H6 M. w) `7 G% ~7 u: G8 r% Z' s
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
7 q- P9 Q3 l, q& j& nreduction in monetary policy stimulus would need to be carefully considered.) @: o9 g* F! j) e
Information note:
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+ _) ]' e- ?, q! i) ]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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