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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.6 [2 ^, }( M. o: n
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The global economic recovery is proceeding broadly in line with the Bank's projection in its" r1 L0 P H; M2 g, f9 L
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
. O; E- ]- y1 w; ?/ ?solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
: Q1 l! q: O# \: }6 o! wchallenges associated with sovereign and bank balance sheets will limit the pace of the European
+ Q2 F/ {' L. [) U3 [4 `( r; Y; \recovery and are a significant source of uncertainty to the global outlook. Robust demand from$ y& O/ v) b- B6 `; J
emerging-market economies is driving the underlying strength in commodity prices, which could! t" {. [6 q/ R- L
be 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 of7 I& j9 ^$ a) K' O& \
the anticipated rebalancing of demand. While consumption growth remains strong, there are
* v) F/ x% a5 Qsigns that household spending is moving more in line with the growth in household incomes.
) V; F; \' y7 Z ?% \% l3 CBusiness investment continues to expand rapidly as companies take advantage of stimulative) B) d" O2 N8 Q" ?
financial conditions and respond to competitive imperatives. There is early evidence of a0 v6 E5 I* P3 Z' [
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.5 ^& _. E# G# G. ]: t# T
However, the export sector continues to face considerable challenges from the cumulative effects
% d" t) y; _ m0 o; x+ J K& Y& dof the persistent strength in the Canadian dollar and Canada's poor relative productivity* J9 c8 Y1 Y2 r3 _4 \, `
performance.4 h) c% l; v3 H
4 a" g; z7 l' B( X7 B2 pWhile global inflationary pressures are rising, inflation in Canada has been consistent with the x) p# B3 _( G w& o
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
- F4 l3 F1 H( J8 h5 d1 I# Qconsiderable slack in the economy.2 Q# j' a: v! S t7 E* @
1 u- N0 {: S# |* v% ?Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
. j! v' l/ T: i8 h$ ?1 L U6 Yat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
& \8 x+ v* m4 R2 per cent inflation target in an environment of significant excess supply in Canada. Any further
/ G9 r7 V2 K4 Y6 `4 R3 b- }reduction in monetary policy stimulus would need to be carefully considered.
4 ~0 H1 v& p0 m8 CInformation note:
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+ H% w+ U8 J( NThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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