 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.
0 I7 m* F2 u& v: s1 m6 G% I- G0 q$ F4 T; s( L4 C9 \; K6 d4 I7 M
The global economic recovery is proceeding broadly in line with the Bank's projection in its
! [8 o2 r9 [' [) Y) i/ \" B) H; J/ GJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
+ |- l4 h4 t+ X, }3 |5 B5 s* rsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing; V# z. ]2 z2 g
challenges associated with sovereign and bank balance sheets will limit the pace of the European% l$ O: z0 \0 N! L9 j0 F# t& N
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
3 s# O' {: r9 O1 Semerging-market economies is driving the underlying strength in commodity prices, which could1 D) `, l) D x4 a) \' g
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
- i( l, _3 i8 x: n% {; l
2 B" O' e5 ?/ y6 bThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of5 k r5 @+ r- H( `0 I3 S# f9 t
the anticipated rebalancing of demand. While consumption growth remains strong, there are
6 w) f% b8 ]' msigns that household spending is moving more in line with the growth in household incomes.$ O; M, H1 d8 I4 |2 J0 L3 v1 H* p
Business investment continues to expand rapidly as companies take advantage of stimulative7 t/ [# d3 n( Y, r
financial conditions and respond to competitive imperatives. There is early evidence of a1 Y! u! J! J) ~, ]4 b
recovery in net exports, supported by stronger U.S. activity and global demand for commodities., N9 s6 W1 M8 _- ~8 E" T
However, the export sector continues to face considerable challenges from the cumulative effects; q S R" K6 a& W. Z @2 r
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
& l% D% e# ^8 \performance.( t9 f/ {& i3 v; D8 B! x* i2 x+ Q
! P2 ]+ t; m0 s! pWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
& E& k/ X" [4 I; k/ ~4 DBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the: M% G0 U7 k2 g- f! _' O
considerable slack in the economy.' D" u) l2 U' v2 _) ^
3 B% g; E2 m& P7 \9 p' ]
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate; [: a4 P7 o( \) H/ H
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the* Z) R$ x: O, |: l3 H0 P8 O4 a
2 per cent inflation target in an environment of significant excess supply in Canada. Any further* g8 f: ^) f, a6 }7 M3 C
reduction in monetary policy stimulus would need to be carefully considered.
# ?( W2 e1 D7 F/ P+ ZInformation note:8 p( l4 h* x) a- m8 J" D4 l0 m9 N
: [, Q) v& K; N/ H* k# _: B: l% G
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|