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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- y. E+ s1 g3 o, ], y
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The global economic recovery is proceeding broadly in line with the Bank's projection in its6 X( ^/ _! o2 K, a
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is8 w3 r. N3 o5 Z1 x8 F
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing5 [* }7 G. F6 H$ X: f+ S9 o
challenges associated with sovereign and bank balance sheets will limit the pace of the European: I0 r& q1 U$ v; }0 J5 r* ~
recovery and are a significant source of uncertainty to the global outlook. Robust demand from+ o/ ~# [ X& k: A
emerging-market economies is driving the underlying strength in commodity prices, which could
+ s3 N* j/ V& W5 Q7 Xbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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4 s) F V/ v+ X; N+ m( X1 ~The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of2 h) G! s( f h( O# t
the anticipated rebalancing of demand. While consumption growth remains strong, there are
3 s: F2 t9 d/ ^# K9 S, L5 r" Qsigns that household spending is moving more in line with the growth in household incomes.
% }& q- y: }' f! s2 c) r9 g0 NBusiness investment continues to expand rapidly as companies take advantage of stimulative6 P( W/ Q4 l! ?0 Z# M
financial conditions and respond to competitive imperatives. There is early evidence of a7 D& h* h' T% i; I. l
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
. X( B2 x0 H# ~+ f9 f: A' cHowever, the export sector continues to face considerable challenges from the cumulative effects
2 M' c. a' X V& _0 Mof the persistent strength in the Canadian dollar and Canada's poor relative productivity
$ U* i! `% q* k( uperformance.! `1 F; |; y& U# e1 N+ h2 B
( y: f w7 p5 F, @/ q: a3 @+ GWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
( M4 p& k1 D, eBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
- l @# G' @" F+ _3 o; hconsiderable slack in the economy.6 _% k; P. p9 t5 h, l
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate% j& U( h6 W0 y8 |* t& e* x2 s
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
' Z: b+ q0 q/ T, X2 per cent inflation target in an environment of significant excess supply in Canada. Any further
5 H8 H5 ~0 M, K# _9 [7 l* xreduction in monetary policy stimulus would need to be carefully considered.+ e4 s5 }4 _& A
Information note:
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4 U5 ~, d+ y( k5 q, \9 E/ o, ^( MThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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