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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 its6 g. Z& q- U+ G2 }# K
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
/ Y: R$ n* k9 hsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing9 Z% P" y& L& a4 H+ ?
challenges associated with sovereign and bank balance sheets will limit the pace of the European
8 C& d' g$ r% L9 s& h7 wrecovery and are a significant source of uncertainty to the global outlook. Robust demand from. X4 x9 m% _& [7 t
emerging-market economies is driving the underlying strength in commodity prices, which could
/ B! V: v, ]) d" vbe further reinforced temporarily by supply shocks arising from recent geopolitical events." D) n' o+ J0 {' T% l
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
- R, K( u+ m f* E$ P% a( Pthe anticipated rebalancing of demand. While consumption growth remains strong, there are
3 h! Z8 p& X' _1 D6 U$ Z! ^' ]3 v% ^signs that household spending is moving more in line with the growth in household incomes.
( |2 V6 T# K4 K3 L+ y, O8 eBusiness investment continues to expand rapidly as companies take advantage of stimulative
0 }9 g7 [/ p i1 O* tfinancial conditions and respond to competitive imperatives. There is early evidence of a
& ]3 J8 k" @- t& g- Irecovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 d" j9 C1 X3 p& j0 [! M
However, the export sector continues to face considerable challenges from the cumulative effects" a" w6 r: D. n7 R) k* f2 ^0 L
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
+ t5 w/ I0 H3 J5 a# }performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the) K$ g2 k8 E$ k) i$ n
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the0 e/ G$ O" H1 \7 n) [* d" h! p
considerable slack in the economy.
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8 o) ^: z1 q) _3 o: |8 T7 M6 IReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
% j p K8 T/ l7 v1 Kat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the/ R1 @1 z& ]4 `9 N+ i
2 per cent inflation target in an environment of significant excess supply in Canada. Any further1 T) d* D3 y O& h% C H8 R, b' ]
reduction in monetary policy stimulus would need to be carefully considered.
( X i% ]7 {; @/ } A, y5 AInformation note:5 e4 W' ^& d: `- }8 F) u1 e& G* O
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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