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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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.* g* s( V- T9 w1 c; a* r
5 z4 W- w* R  C
The global economic recovery is proceeding broadly in line with the Bank's projection in its2 B! c% l1 Y6 `3 n* w! ~
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is2 F8 m7 b& G, A! K5 L
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing8 _2 t4 Y6 A* y* n7 J
challenges associated with sovereign and bank balance sheets will limit the pace of the European
* |4 b1 `2 {, x6 L6 Orecovery and are a significant source of uncertainty to the global outlook. Robust demand from' x1 h# T6 P+ Y# ?0 T. [8 A. e
emerging-market economies is driving the underlying strength in commodity prices, which could
% {+ m1 c! x( ~5 Lbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
  s6 ?* H8 g1 z+ F+ I( _& D% l& u7 ~0 ~
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of7 A1 M. R$ E1 {; K3 E' i( k
the anticipated rebalancing of demand. While consumption growth remains strong, there are
. u2 T' C7 E+ P5 o) i9 L' B$ p9 Rsigns that household spending is moving more in line with the growth in household incomes.! Y4 C+ b0 B8 X. [
Business investment continues to expand rapidly as companies take advantage of stimulative
4 o' `" a) W  d% h' v5 Y* tfinancial conditions and respond to competitive imperatives. There is early evidence of a' S1 s7 e8 |+ h( U0 T
recovery in net exports, supported by stronger U.S. activity and global demand for commodities./ B2 L4 J0 a! g; K
However, the export sector continues to face considerable challenges from the cumulative effects
4 p! b/ }* t( R- T3 ?9 \of the persistent strength in the Canadian dollar and Canada's poor relative productivity3 n9 x! F0 k" `9 `2 q
performance.
4 y  j8 y9 V$ I4 p4 r  m* d3 W. x
While global inflationary pressures are rising, inflation in Canada has been consistent with the4 B6 s8 o% Y& X! Y8 T
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the0 F% |% k( U8 \- Q
considerable slack in the economy." P: M2 f% ~$ S6 n3 D; G- _$ Q+ O
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate  g+ X5 b4 q1 M
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
: U4 B# R) a& D( [6 l! J2 per cent inflation target in an environment of significant excess supply in Canada. Any further
, F7 }  ~& `- N% z9 ]: Z" breduction in monetary policy stimulus would need to be carefully considered.
, K7 Z7 q' L1 F  o; J% f# NInformation note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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