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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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9 X" l4 b7 Z V3 C5 vThe global economic recovery is proceeding broadly in line with the Bank's projection in its
5 g# k. O- A ] WJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
% ^9 n+ p8 d; b& m& Wsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
7 w0 N% }6 O$ O$ l4 A8 k0 Vchallenges associated with sovereign and bank balance sheets will limit the pace of the European
]6 t, e0 v0 E; t3 ^recovery and are a significant source of uncertainty to the global outlook. Robust demand from. f; L! k0 j( j% F
emerging-market economies is driving the underlying strength in commodity prices, which could
7 _6 S+ }9 B% q( lbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of, P2 ]* t. c& v2 x
the anticipated rebalancing of demand. While consumption growth remains strong, there are( z/ N6 Q* y1 Y. ]- S/ T2 V7 o
signs that household spending is moving more in line with the growth in household incomes.
3 o. r( J$ a1 r, K. V5 \$ m2 ZBusiness investment continues to expand rapidly as companies take advantage of stimulative D3 _# T H+ B8 y
financial conditions and respond to competitive imperatives. There is early evidence of a
2 w" o) R9 G9 h" S7 l+ Y7 q @& n0 [recovery in net exports, supported by stronger U.S. activity and global demand for commodities.5 f5 F* y {6 \4 X( j& y9 h
However, the export sector continues to face considerable challenges from the cumulative effects) R8 [3 G3 D7 S+ ~ y! u1 k
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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; G5 A3 M( e: {* D5 v0 |& o" g! w% k4 aWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
L: o4 f0 J& Z8 C x5 cBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
k8 A. Z/ b0 R7 M% N6 G1 }& b; Uconsiderable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
$ V, Q0 ~! w/ @# Bat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
3 Y8 `: z2 T1 U. j1 ^: {+ ~0 G2 per cent inflation target in an environment of significant excess supply in Canada. Any further
: v+ k0 z! E2 K0 Oreduction in monetary policy stimulus would need to be carefully considered.
% u8 n$ |. g# r: qInformation note:5 R! r' Y4 i. }; |) j0 [
2 e) o7 x7 z6 a6 B* UThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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