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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.: [3 ~) {: v. y% M& {
# c# W( m0 }% |2 r, bThe global economic recovery is proceeding broadly in line with the Bank's projection in its0 z$ b$ C+ o# y: |3 d
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is8 `4 d& T( c6 _. l# o
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing& m: x7 o$ X. r; W+ }4 ]* f0 X
challenges associated with sovereign and bank balance sheets will limit the pace of the European
( b5 n( h5 D) \" D5 r/ M: j/ |recovery and are a significant source of uncertainty to the global outlook. Robust demand from: f" L8 Z5 k+ K- `+ h7 k% E
emerging-market economies is driving the underlying strength in commodity prices, which could
: Y) _$ g G! e& w$ i- D& obe 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
+ t/ Q w* M6 F/ J" bthe anticipated rebalancing of demand. While consumption growth remains strong, there are
0 r/ i; `# K7 w6 ~signs that household spending is moving more in line with the growth in household incomes.
|6 M6 G& u, x8 }. f% fBusiness investment continues to expand rapidly as companies take advantage of stimulative& x/ I0 r- m, O; |1 I4 @2 R2 O
financial conditions and respond to competitive imperatives. There is early evidence of a( L2 `- e5 l& E# T* H4 X# a: b
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.: o* i- ]1 c0 u- W
However, the export sector continues to face considerable challenges from the cumulative effects
) Z1 N7 k- M8 p8 G9 _( X vof the persistent strength in the Canadian dollar and Canada's poor relative productivity
6 k+ ~; Q% E" Z% Sperformance.. y- `& p3 `) q# D% y3 d
6 P8 a: t: k; zWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
8 V8 ]- L) O; A% v" N CBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the( N9 j) e p U) b
considerable slack in the economy.- d& p+ `9 x- u. `1 i, V# C8 V
9 U. c4 O2 y1 b$ I$ v; tReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate. q, i& L( ^8 R; Z
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
0 d6 i1 O0 A, \" l2 per cent inflation target in an environment of significant excess supply in Canada. Any further$ x8 ^$ v# `" V4 Z9 [) z4 s
reduction in monetary policy stimulus would need to be carefully considered.( L. A+ H) q0 r
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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