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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its7 T( `9 }, o. H' T5 T5 l3 `7 }
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
% h; Y M2 m' l0 `1 \% Gsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing( F" b8 d' k% J! \
challenges associated with sovereign and bank balance sheets will limit the pace of the European: ~: v9 k" g1 F2 f$ F; ?6 }; f. J
recovery and are a significant source of uncertainty to the global outlook. Robust demand from( c. K+ x( v- v& _
emerging-market economies is driving the underlying strength in commodity prices, which could
E; g7 `# U( c. d" }+ [; I s; C. pbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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* I7 q! b# F8 O. R# d) M, b4 s8 T/ vThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
4 q0 B$ s$ o; }. k2 qthe anticipated rebalancing of demand. While consumption growth remains strong, there are
4 x4 j& g/ p4 Esigns that household spending is moving more in line with the growth in household incomes.
! X- E# `; a" L& J2 h0 xBusiness investment continues to expand rapidly as companies take advantage of stimulative# l% @) M$ J6 {% f/ V9 E
financial conditions and respond to competitive imperatives. There is early evidence of a
& m# V# f* V6 U( E' B y1 S+ c/ Drecovery in net exports, supported by stronger U.S. activity and global demand for commodities.: Z# ~; r, a! h; ~
However, the export sector continues to face considerable challenges from the cumulative effects3 j0 g9 y+ U/ u8 W/ ?& A, F
of the persistent strength in the Canadian dollar and Canada's poor relative productivity" I' `+ `1 B. E
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the J' n+ B+ Y, A( c
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the( N% ^: {4 v. h8 `( }& 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 rate, E: j7 ^8 q/ K) b6 G/ g8 f( t
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
4 c7 z; Y) k9 r! `: B2 per cent inflation target in an environment of significant excess supply in Canada. Any further+ m5 @. U$ S1 y: f$ B: K
reduction in monetary policy stimulus would need to be carefully considered.
: K/ R9 B1 q5 v% AInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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