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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.& B7 q$ d' a* Z S
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The global economic recovery is proceeding broadly in line with the Bank's projection in its9 Y* K& g' X' z1 d) O
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
& ^4 J" Q: m: i* f) |' ]. Wsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing; p/ z$ P- S' |" m9 q
challenges associated with sovereign and bank balance sheets will limit the pace of the European" ]8 n9 Z R' W
recovery and are a significant source of uncertainty to the global outlook. Robust demand from! f; ^$ B5 @# {
emerging-market economies is driving the underlying strength in commodity prices, which could7 ^' _+ ~/ y% Z3 |; c/ O) I$ `1 o
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
5 M2 n6 K) j/ U" s; `+ bthe anticipated rebalancing of demand. While consumption growth remains strong, there are
: H4 @. q% }8 e' S" _6 I5 |# Nsigns that household spending is moving more in line with the growth in household incomes.! U0 W% \+ g X; `1 |0 L6 `
Business investment continues to expand rapidly as companies take advantage of stimulative
) }) q% b/ [+ X: Z% R0 D% z7 S2 Nfinancial conditions and respond to competitive imperatives. There is early evidence of a
[7 R; y+ N1 K- f; U1 qrecovery in net exports, supported by stronger U.S. activity and global demand for commodities. i; ^$ x5 W) A: U6 {, L( Q
However, the export sector continues to face considerable challenges from the cumulative effects
# ]; r% A0 K8 k# pof the persistent strength in the Canadian dollar and Canada's poor relative productivity
# W; l9 Q" k# T; wperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the/ {# X. b2 r& X, B) c5 F0 D
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the$ ?! U0 g9 c: s
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 rate0 N* n+ w6 H: S* R/ ]: F
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
" n: D6 \% s# ~' _- ]2 ?2 per cent inflation target in an environment of significant excess supply in Canada. Any further! K" N& P# ~" ]7 `/ x& F/ O
reduction in monetary policy stimulus would need to be carefully considered.: N$ Z$ E0 \( I% `( h& }8 p
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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