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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.4 Z' n8 d: N4 J* F& }% W3 Z
- C6 B* u/ |3 UThe global economic recovery is proceeding broadly in line with the Bank's projection in its t! s' r& A! L* [2 Z, Q
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is& q+ J: r9 R5 ^) {
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing. f# O5 |; i `) O' U$ o$ ?* V
challenges associated with sovereign and bank balance sheets will limit the pace of the European
7 ~2 Q6 e" M! H- Rrecovery and are a significant source of uncertainty to the global outlook. Robust demand from' G) r. Y) A3 ^% r& W
emerging-market economies is driving the underlying strength in commodity prices, which could
" I' L5 }; k; X" mbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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. ^! X* V3 \' TThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
7 A$ k1 @3 H& Wthe anticipated rebalancing of demand. While consumption growth remains strong, there are
0 z% ~4 p8 |3 N) E1 H% Q& ssigns that household spending is moving more in line with the growth in household incomes." E* O) e# M" ~2 N
Business investment continues to expand rapidly as companies take advantage of stimulative& R1 k2 B4 X- d" y1 }
financial conditions and respond to competitive imperatives. There is early evidence of a8 C; k& c5 B' f. ]
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
9 ]7 M: V7 V+ _: pHowever, the export sector continues to face considerable challenges from the cumulative effects
% `% x9 |; H! Z$ o# C1 v8 q0 hof the persistent strength in the Canadian dollar and Canada's poor relative productivity
, b' H1 j7 m# p+ n4 o0 _$ k2 Nperformance.
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1 i0 {, \! I- X* Z# `While global inflationary pressures are rising, inflation in Canada has been consistent with the
# y) j' v7 i3 B: [+ lBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
# Z( n M" J! e! gconsiderable slack in the economy.4 m" t3 n/ o* u% g& v; y
5 \" [5 J. r4 uReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
% J5 q1 _/ n& A9 Hat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
) X6 q |& n+ X" Q2 per cent inflation target in an environment of significant excess supply in Canada. Any further
T/ }" D7 Z5 b6 Ureduction in monetary policy stimulus would need to be carefully considered.7 @ i6 _- Y$ s3 H3 t( q
Information note:
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" O3 I5 M2 f$ e# DThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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