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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. p7 V, k- H% r. e+ }4 I* d1 }& C
& o( k' I1 l3 i/ W7 A+ ~, cThe global economic recovery is proceeding broadly in line with the Bank's projection in its
" M' H$ I" t% U9 u, D* K& c4 {January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is; U2 ^1 S8 u: V4 \: e6 M
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing% f8 @0 t# T0 S3 h
challenges associated with sovereign and bank balance sheets will limit the pace of the European
# z4 J& M) V" M9 N2 Frecovery and are a significant source of uncertainty to the global outlook. Robust demand from: y# P- W, T5 ]4 l u1 ]
emerging-market economies is driving the underlying strength in commodity prices, which could5 o: a9 J2 T6 |/ Z7 j& I0 g9 B$ x
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( V u5 J, {8 j1 k8 J; r: Q
the anticipated rebalancing of demand. While consumption growth remains strong, there are' E. v& L' @! x/ ]' T5 I) v5 K
signs that household spending is moving more in line with the growth in household incomes.
5 n1 ~3 R( m5 {" q8 V1 rBusiness investment continues to expand rapidly as companies take advantage of stimulative+ C0 j6 P& I+ Q @2 `$ K3 [
financial conditions and respond to competitive imperatives. There is early evidence of a( x" j. |4 h4 N5 x; i
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.: s8 g5 p; I) }0 K+ J! w. K" c* n
However, the export sector continues to face considerable challenges from the cumulative effects
* T0 m0 S7 F2 J$ O4 x. |of the persistent strength in the Canadian dollar and Canada's poor relative productivity# f4 b6 @2 R# L2 f B
performance.7 b+ Z L' F. _9 ~+ W1 U# t
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
; J6 r* e( \# d0 F# [Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
& n2 @* W$ Q+ F8 nconsiderable slack in the economy.9 b" z9 B8 } T
" M/ f+ {% t* l4 i* e; o% xReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate' ~# y6 U1 y8 s' Z9 _# B) P
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the) V9 S. h; u8 z9 G) ~+ Z4 k! `
2 per cent inflation target in an environment of significant excess supply in Canada. Any further5 F9 S) L3 f2 e; O) L
reduction in monetary policy stimulus would need to be carefully considered.3 q5 X/ X- F9 q; l# R1 @6 G
Information note:
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" t* E+ @" U' L9 e }( O6 ^The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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