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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
7 r) f$ a1 f5 k6 U1 w. G+ z3 Q( fJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is! d! I: Z' A3 s5 o/ o9 L/ P7 ?1 X
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing" o) E; `+ r; P( O H! s$ y
challenges associated with sovereign and bank balance sheets will limit the pace of the European
3 L" W4 T- g) \2 p( Krecovery and are a significant source of uncertainty to the global outlook. Robust demand from
) P0 R( r; \. e0 ]emerging-market economies is driving the underlying strength in commodity prices, which could) W* d3 q" ~7 Z& U- t
be further reinforced temporarily by supply shocks arising from recent geopolitical events.: h' G/ T4 w6 Y+ ~; O& \. e
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
' Q q0 N7 c3 r. Y1 hthe anticipated rebalancing of demand. While consumption growth remains strong, there are0 Y2 N6 m5 b/ X, c5 H
signs that household spending is moving more in line with the growth in household incomes.
" w. ^' s+ W( W M- b% cBusiness investment continues to expand rapidly as companies take advantage of stimulative
; p8 J/ G. K8 X$ x, u5 _: {financial conditions and respond to competitive imperatives. There is early evidence of a
: E- Q% F/ s! r6 Crecovery in net exports, supported by stronger U.S. activity and global demand for commodities.5 c! g4 q0 J4 N; F
However, the export sector continues to face considerable challenges from the cumulative effects- W/ l" V" d5 O+ e8 i: b* K
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
) B1 T" C' y0 y8 j4 I5 Dperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
* c/ y! B3 |' E2 p% {. NBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
( p& w0 d8 R( u. I: [+ A9 ^" }& qconsiderable slack in the economy.+ `% g' W6 x7 l% Y$ N* q8 d: u
$ S/ p$ B0 O/ \. n% OReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
( w6 R, {( T, p: P; C4 D q8 }at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the! K& R/ \) l5 i$ Q0 G! s5 q
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
( ~/ i3 m5 L7 F( {) _reduction in monetary policy stimulus would need to be carefully considered.; N* j3 `6 x l2 i. Z/ w1 n
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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