 鲜花( 65)  鸡蛋( 0)
|
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.
2 L% y3 ?8 \+ i$ ^6 Z
% v8 L# o6 z( j/ I- Z7 m. SThe global economic recovery is proceeding broadly in line with the Bank's projection in its3 n3 x$ h4 U# n$ t) S9 K
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is9 u( g3 O! c( }' Z% ?( o% r; U
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
7 h0 S; F5 l& O% fchallenges associated with sovereign and bank balance sheets will limit the pace of the European
$ z( b4 f& z Q" K; Crecovery and are a significant source of uncertainty to the global outlook. Robust demand from
9 F) b/ @2 u& T6 oemerging-market economies is driving the underlying strength in commodity prices, which could% m+ ^4 X3 p) C8 s% R2 G+ d
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
, M3 P+ Z- k# x: _2 ?
$ _5 ~9 a b* M0 X/ ^& ?The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
8 H, d) G9 [) X% w1 z( V% U Xthe anticipated rebalancing of demand. While consumption growth remains strong, there are7 }; @' N2 m Y$ W$ N8 R
signs that household spending is moving more in line with the growth in household incomes.2 d2 Y5 h2 W5 r( f
Business investment continues to expand rapidly as companies take advantage of stimulative, a# a Y! p, L
financial conditions and respond to competitive imperatives. There is early evidence of a f" E: ]& |9 ]- X, v4 N
recovery in net exports, supported by stronger U.S. activity and global demand for commodities." A# ~( l( ^, o- C5 A* G
However, the export sector continues to face considerable challenges from the cumulative effects
2 v$ h0 x$ R- Z1 ?* _of the persistent strength in the Canadian dollar and Canada's poor relative productivity
! c, t" G0 A% m1 @( i5 `( jperformance.( Q( I5 X2 F3 W$ K
" m& g! H- Y$ m% H* o" ~: U
While global inflationary pressures are rising, inflation in Canada has been consistent with the( _" }; t/ {6 C. C% ?0 ]$ H. M
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
, d/ W+ `6 J4 ]4 ]4 |/ Cconsiderable slack in the economy.' X; C, y5 c# L( W3 h+ j. U
9 o( p) w0 z) ~/ N; Q
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate" c& B" @7 X/ g6 M* C
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the" ]7 t+ a3 L( z" n
2 per cent inflation target in an environment of significant excess supply in Canada. Any further; a3 U' e: H! |4 q6 i7 K* Z
reduction in monetary policy stimulus would need to be carefully considered.
U3 w3 H `. z4 p" U0 ^5 EInformation note:
3 f6 C; z w% j# W, q' B8 m7 E- C
) Z1 q1 ]: o) a: P4 r# U! P( U, MThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
|