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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./ H) \- h8 W# q d6 q
~& K. a6 c% JThe global economic recovery is proceeding broadly in line with the Bank's projection in its" }: [/ Z2 J% P# E
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is9 }1 y% K4 q0 l; h @& I8 T
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing. G! ~& ^( V1 m+ w
challenges associated with sovereign and bank balance sheets will limit the pace of the European) l- ~* J/ P' i. @
recovery and are a significant source of uncertainty to the global outlook. Robust demand from( i2 T" h* W% r( y& l( V
emerging-market economies is driving the underlying strength in commodity prices, which could
& ?" s J5 a7 @. H& dbe further reinforced temporarily by supply shocks arising from recent geopolitical events.: _0 p1 W7 k- M2 b+ y
" P1 ^9 w! {) ]4 \! [' ^1 ]The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
7 K9 U& z' t3 j& K) K) q. {3 nthe anticipated rebalancing of demand. While consumption growth remains strong, there are
$ R6 f d4 Q# H8 r M+ k$ rsigns that household spending is moving more in line with the growth in household incomes.1 [5 W- W1 l, T; g+ Y* m- I+ k
Business investment continues to expand rapidly as companies take advantage of stimulative
; O, x1 J! K8 \" H8 Rfinancial conditions and respond to competitive imperatives. There is early evidence of a9 y& O9 G2 Z# a5 s1 |
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
* b! Z* G9 y3 B8 u! f1 f8 xHowever, the export sector continues to face considerable challenges from the cumulative effects
8 {- k3 t. i, H5 r9 ]8 [of the persistent strength in the Canadian dollar and Canada's poor relative productivity* C" K; u. C8 r, B! k( N4 m
performance. I! H) `. ^& d* T
; r7 H' o" Q" s6 m1 ZWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
( W; c6 e2 Z9 QBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
+ F$ M0 R) a. P! hconsiderable slack in the economy.
/ E3 F; X1 B3 W8 x7 v# M3 P& e0 b' `5 y5 Q- Y" |2 A
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
9 v0 l0 O% k0 t( P' v" w: x9 ^at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the, V1 ?- x; }3 ^' t4 A
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
/ `. a. `& X5 T6 ~reduction in monetary policy stimulus would need to be carefully considered.8 N# y/ L/ x) d+ W8 s
Information note:' b" W/ x' I* l3 [$ v9 s' _
+ _1 B# h8 d9 s$ i2 `4 o# {The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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