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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.- i- ]% Y- g: b+ @
# l1 H8 u+ S* c* k' o" b; aThe global economic recovery is proceeding broadly in line with the Bank's projection in its
: G g4 Y, z+ \January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
6 W. e" l$ p3 x# i/ O( ysolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing5 f$ F: ]. j5 j3 P$ W/ C
challenges associated with sovereign and bank balance sheets will limit the pace of the European
! D" @1 c- \" C- Erecovery and are a significant source of uncertainty to the global outlook. Robust demand from7 w: p, V0 G6 N# M
emerging-market economies is driving the underlying strength in commodity prices, which could
) z0 I& H7 O) s8 Y0 }6 ~0 y' Ebe 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' u* N" S% S' u# |+ ^5 U) ~; @
the anticipated rebalancing of demand. While consumption growth remains strong, there are$ | _" w$ E+ S( n; u9 n* Q* y
signs that household spending is moving more in line with the growth in household incomes.- J: H7 A# \ U2 j9 p/ l: B
Business investment continues to expand rapidly as companies take advantage of stimulative$ O% x6 i0 j1 Y4 @+ R
financial conditions and respond to competitive imperatives. There is early evidence of a+ z4 [2 g* e, Q5 M; M b, X
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
6 Q9 @' Z, R+ Q m8 V# k: wHowever, the export sector continues to face considerable challenges from the cumulative effects6 G) }5 ^7 m! c- s/ l, Y( H
of the persistent strength in the Canadian dollar and Canada's poor relative productivity+ R: W8 l- O* _7 u5 _2 J
performance.
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6 G4 a) Z+ d9 M" G6 e) fWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
9 n) t# W$ l" D! H- k5 iBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the7 l$ n2 q8 ~. R( I8 W9 J
considerable 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
2 N# Z2 E. I1 X, Vat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the4 c, B! c9 C% _3 t7 L
2 per cent inflation target in an environment of significant excess supply in Canada. Any further Z" d' S# U* p2 l4 g$ g
reduction in monetary policy stimulus would need to be carefully considered.
8 d0 g$ Z0 `( w5 E2 @, OInformation note:
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1 e! q0 i' L8 X0 \The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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