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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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The global economic recovery is proceeding broadly in line with the Bank's projection in its
3 O: f. H3 I5 L% K8 V$ b; {0 j4 UJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is7 m* i" j% ]' i1 G1 T3 g8 t. k
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing6 ^( C k/ Q3 f7 w* M2 r
challenges associated with sovereign and bank balance sheets will limit the pace of the European5 n2 G0 P3 V( i7 Y& W
recovery and are a significant source of uncertainty to the global outlook. Robust demand from0 L# A$ Y8 m( [/ k9 _- p1 B
emerging-market economies is driving the underlying strength in commodity prices, which could' J' p# ^" @ @2 d
be further reinforced temporarily by supply shocks arising from recent geopolitical events.* J% S4 e9 ~; o' U9 z b, B2 @
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of3 _& d, \" F! t* e" B
the anticipated rebalancing of demand. While consumption growth remains strong, there are
& U1 a. R C$ D7 J% @signs that household spending is moving more in line with the growth in household incomes.; H6 @; Z5 V) @4 F+ i- |8 ?
Business investment continues to expand rapidly as companies take advantage of stimulative
, n2 Z" v, C& X$ V/ V9 Lfinancial conditions and respond to competitive imperatives. There is early evidence of a
5 y2 Y$ g. _: g% B5 Q) Arecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
1 T2 k- b3 N% }1 y3 LHowever, the export sector continues to face considerable challenges from the cumulative effects e! H4 N. t3 A/ v9 q
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
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While global inflationary pressures are rising, inflation in Canada has been consistent with the( {- Z4 Q* c% F& U8 Y* q
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
# x5 h! D7 B7 t) Cconsiderable slack in the economy.$ `( e( q2 Z2 t( b
# c. x& h& U8 o9 W8 ~* `Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
' |8 i. Q5 E8 o* Bat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
0 I4 D E( i3 q& T2 per cent inflation target in an environment of significant excess supply in Canada. Any further
5 @8 _% J# W2 p* E( Sreduction in monetary policy stimulus would need to be carefully considered.; f/ N/ _( v3 _
Information note:) z+ @1 [& A) i* @# k( {7 b; E T
" G6 t# r* ?4 t: M# R. a4 q4 F9 GThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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