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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.5 y" r: D3 z z& K' Z
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
, I' U, g+ f3 r2 qJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is; W# Y' i& O4 W* \# o
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
' B+ J- ]6 `9 J$ i8 {8 uchallenges associated with sovereign and bank balance sheets will limit the pace of the European: E' [) b, e L# N1 u9 M8 j
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
+ x. B, V: h) s9 p- Lemerging-market economies is driving the underlying strength in commodity prices, which could
8 j- S- P2 Z1 N( i! `$ xbe further reinforced temporarily by supply shocks arising from recent geopolitical events.9 S) ~) H4 ]( X! y/ ?
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of$ [9 K0 Q4 j) @. _5 N6 ~
the anticipated rebalancing of demand. While consumption growth remains strong, there are6 m) n3 B* {: [4 |+ l# J9 j
signs that household spending is moving more in line with the growth in household incomes.3 M6 Y8 r' V7 x+ |* f! Y# ^1 {3 X
Business investment continues to expand rapidly as companies take advantage of stimulative
4 W0 p y% D- h/ t8 h; kfinancial conditions and respond to competitive imperatives. There is early evidence of a9 J* j, A7 n. f% r; x
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
# x/ \" g6 Y9 R: F0 P$ IHowever, the export sector continues to face considerable challenges from the cumulative effects2 _7 y; ]6 V4 w
of the persistent strength in the Canadian dollar and Canada's poor relative productivity/ X8 b( x' ?' l5 Y
performance.! d1 a6 T z3 s0 [: O/ q
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While global inflationary pressures are rising, inflation in Canada has been consistent with the! e! m( F) X9 `4 I! ~' E' H
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
) g, c: f8 Z3 h0 F2 jconsiderable slack in the economy.- N$ _* ~& l# E$ {+ |: `
5 I1 }% t# S) C2 ^4 v$ U, T' |Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
5 |. K. l! o( b9 X: w! R( tat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the( f5 i' u7 s, m! H
2 per cent inflation target in an environment of significant excess supply in Canada. Any further' D& V2 l3 ^5 j( O( h) p1 i% S
reduction in monetary policy stimulus would need to be carefully considered.: }) x2 h3 ?+ r. [8 M( k
Information note:7 Q3 ?7 x. y. p i, Q- f. ?6 `
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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