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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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- U1 B, u' _! t, o1 SThe global economic recovery is proceeding broadly in line with the Bank's projection in its# `$ P) Q# }) Y/ t* x- j7 T, G
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is `; E. |" R I4 z( Z: f s
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
. X; n2 d' o8 @8 Gchallenges associated with sovereign and bank balance sheets will limit the pace of the European0 h0 t! K: B, i# @2 [1 }: a5 ?
recovery and are a significant source of uncertainty to the global outlook. Robust demand from L, J! f8 b$ E0 G, t9 X
emerging-market economies is driving the underlying strength in commodity prices, which could, s6 N% h, f# W
be 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; |9 i1 F+ S2 Q# l. R2 c% V
the anticipated rebalancing of demand. While consumption growth remains strong, there are# p5 P; |1 w v8 Y
signs that household spending is moving more in line with the growth in household incomes.7 k! E# s6 W' N0 o( V
Business investment continues to expand rapidly as companies take advantage of stimulative/ x7 L4 `; E' r o4 T
financial conditions and respond to competitive imperatives. There is early evidence of a* k9 G p3 L# D
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
) Y: j$ E, r8 F4 P! |However, the export sector continues to face considerable challenges from the cumulative effects" h# s/ m, S* a+ \
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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. Z5 p' @" _ Y; G- T2 wWhile global inflationary pressures are rising, inflation in Canada has been consistent with the; V- n6 ~% ?+ L( q& @
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
0 A- E: ~; p" ^1 ]1 v8 p Y. _" pconsiderable slack in the economy.5 m- c/ Q# f5 Z
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate1 `# B* q5 o4 R5 e1 E6 E
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
/ ~ B D" R3 i7 ~0 B2 per cent inflation target in an environment of significant excess supply in Canada. Any further) k+ M8 h4 s' y2 N" G+ x# ^# M; c5 c
reduction in monetary policy stimulus would need to be carefully considered.
: x) g7 w l9 IInformation note:5 F+ r+ M. _3 S; b
7 W2 {. ~8 r5 C$ P1 y5 h zThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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