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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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5 V# k) ~1 n2 M6 @The global economic recovery is proceeding broadly in line with the Bank's projection in its/ s4 \0 |" y) f" j/ S# r
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is9 I- F6 N; T4 P2 F1 i
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing9 k# W; w6 a) Y: M4 i6 f% |
challenges associated with sovereign and bank balance sheets will limit the pace of the European0 U, x! t* ?/ F8 R+ {! \1 A/ _" y* D# i
recovery and are a significant source of uncertainty to the global outlook. Robust demand from& p! A/ l0 G+ T+ D* j
emerging-market economies is driving the underlying strength in commodity prices, which could
3 _& _. ^/ L8 `, N8 k( Q$ Q( W& tbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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2 Z/ h- k' u2 v# @The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of2 l* e. ^7 |" V. J: j6 C
the anticipated rebalancing of demand. While consumption growth remains strong, there are
, s7 @' D; w' L( psigns that household spending is moving more in line with the growth in household incomes.
- @/ @1 B8 ?. w9 J" pBusiness investment continues to expand rapidly as companies take advantage of stimulative- B) j7 ^3 Y& x9 e' M
financial conditions and respond to competitive imperatives. There is early evidence of a
9 f$ t+ U O5 C. k5 z2 E3 Drecovery in net exports, supported by stronger U.S. activity and global demand for commodities.# V9 E2 { a( I7 h1 N# T j
However, the export sector continues to face considerable challenges from the cumulative effects9 P. D0 f% H" \& k( P8 a! C
of the persistent strength in the Canadian dollar and Canada's poor relative productivity. X+ L9 _1 S' [, a$ r- v% u, r. @# ^
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the, ~* A% U3 a4 f9 \1 j0 n3 E
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
9 x# w* K; a5 N! @7 A! ?# qconsiderable slack in the economy.4 ]5 d* l% S& x+ L) y
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
$ R; ?: S) i- ^& B7 P: x0 ]at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
% H( o. ?% ~( e2 _/ k, k0 u! I2 per cent inflation target in an environment of significant excess supply in Canada. Any further" _+ C) f% n- g1 S# Q% J
reduction in monetary policy stimulus would need to be carefully considered.
- X/ n$ u/ {# l5 t) L. r4 i3 J* IInformation note:7 S5 S2 g* Q4 d. y) U5 Z
% [6 l% ]6 W0 m/ ^& a* q5 t+ ^ W% ?The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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