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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.
* p1 x& x: D+ B2 {: G$ T& {  R" n' a. q/ H: t4 C
The global economic recovery is proceeding broadly in line with the Bank's projection in its
/ D, J0 s. |+ m0 I+ s: ]January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is1 `/ w- G2 v: N% C. S6 g2 d5 @& ]: @
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing7 a3 E( C( S* Q8 F; \  Y' y- |
challenges associated with sovereign and bank balance sheets will limit the pace of the European' W- s% ~1 P  X# [; x
recovery and are a significant source of uncertainty to the global outlook. Robust demand from4 k4 T) q2 s$ |8 u
emerging-market economies is driving the underlying strength in commodity prices, which could( c1 Z+ I+ @5 z9 v* S( d
be further reinforced temporarily by supply shocks arising from recent geopolitical events.) x1 b- y5 n" t- \

- k$ T. ?7 t. k7 q  @The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of7 E3 I" P$ f8 R; w% c9 S
the anticipated rebalancing of demand. While consumption growth remains strong, there are  O3 K  o! u7 I
signs that household spending is moving more in line with the growth in household incomes.
% {2 y* T; B0 W% WBusiness investment continues to expand rapidly as companies take advantage of stimulative8 k3 r* F: m6 @9 L/ n8 e4 a
financial conditions and respond to competitive imperatives. There is early evidence of a, k2 ^" I# a4 F
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
% a9 d5 y+ C# h2 k. ^0 a* A7 l- vHowever, the export sector continues to face considerable challenges from the cumulative effects
* ]' ~1 p( i$ z% J  eof the persistent strength in the Canadian dollar and Canada's poor relative productivity
; t9 X+ m6 J* F  o3 o- Iperformance.
) b9 v* E' y, F7 F% H$ {! J, G& I3 a! E  {  z: |! P% L2 Q
While global inflationary pressures are rising, inflation in Canada has been consistent with the' v- c# o; U6 v- \2 m$ D* r
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the2 f+ }4 T$ k$ g6 `8 M
considerable slack in the economy.( f5 y) O1 w+ t/ C; u7 y/ {
$ L8 n! [, c: z% m% |
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate6 n3 a8 U6 P: C8 f
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
1 f" q( V$ a! x: E2 per cent inflation target in an environment of significant excess supply in Canada. Any further
  W" e: ^8 y2 b  N7 Qreduction in monetary policy stimulus would need to be carefully considered.$ u8 n% G5 ^3 S4 S7 c' J# P1 U6 z
Information note:6 l# s/ [8 c. G& d9 Y1 X

- F* y5 z* R/ I) U1 B+ ?7 `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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