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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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2 B j6 i5 p$ r! S8 D' n) FThe global economic recovery is proceeding broadly in line with the Bank's projection in its2 v V+ C! [# Y
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
9 d G, v6 ]( h; n8 Ssolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing" \0 y9 ]0 V' j5 z
challenges associated with sovereign and bank balance sheets will limit the pace of the European; o3 U L' V9 q8 e
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
- o' S; \+ _3 W2 X( I' X. s! `: ~emerging-market economies is driving the underlying strength in commodity prices, which could
6 P: q9 {& @" h) V* ]3 g8 e( lbe 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) ]- c0 z; X3 S9 `
the anticipated rebalancing of demand. While consumption growth remains strong, there are# J! G7 q" J. O1 u, @4 O
signs that household spending is moving more in line with the growth in household incomes.5 {! P: Z- D5 }* ~
Business investment continues to expand rapidly as companies take advantage of stimulative3 _; b- w8 V5 O" e0 K' b6 t S
financial conditions and respond to competitive imperatives. There is early evidence of a* p, e7 B/ }/ `' E8 f$ q& l& \1 G
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.- w2 k8 Z# |' z
However, the export sector continues to face considerable challenges from the cumulative effects; e2 B v$ n7 D2 g A+ d1 W9 k
of the persistent strength in the Canadian dollar and Canada's poor relative productivity, O4 g: a% v5 y8 a$ w6 `
performance.2 s/ g$ I0 V9 `, Z' W3 M6 g
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
6 X" V' e. B: S) nBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
' p/ A- k9 G% g$ r( dconsiderable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate8 q) }6 J- O) f! l" k `5 W
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the" b- d$ U8 }) g" d
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
' G2 j2 h( ^$ X+ T U+ Creduction in monetary policy stimulus would need to be carefully considered.8 \$ I8 C& c# u' _
Information note:7 l' f1 s9 U# ]/ r
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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