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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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! X) X5 i5 }, s' c& |The global economic recovery is proceeding broadly in line with the Bank's projection in its
1 i- K; n. v k' s, PJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is' Y+ x' O% g' a1 [
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing: h' P, Z- q: _; D; \
challenges associated with sovereign and bank balance sheets will limit the pace of the European8 v+ v4 @4 P5 l0 R
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
: R7 \- j5 q3 y+ j/ ^2 v/ kemerging-market economies is driving the underlying strength in commodity prices, which could. J6 Q% A5 S; f6 v5 b/ V
be further reinforced temporarily by supply shocks arising from recent geopolitical events.3 [+ Z/ i8 t* g$ t3 b% j8 i9 P
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of) ?/ O6 w/ I- g9 M, d- A* t
the anticipated rebalancing of demand. While consumption growth remains strong, there are: U" L3 o* I. _/ M1 l
signs that household spending is moving more in line with the growth in household incomes.& Q( P1 |2 X& p3 c2 n
Business investment continues to expand rapidly as companies take advantage of stimulative
- a' S* S1 J( Z" Jfinancial conditions and respond to competitive imperatives. There is early evidence of a, h2 b# d* i8 c3 k, O+ l! @
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
# b9 l* m- l+ L' uHowever, the export sector continues to face considerable challenges from the cumulative effects
! ]4 {- x0 {2 r/ @2 B6 Bof the persistent strength in the Canadian dollar and Canada's poor relative productivity
; f: E: \; E4 V/ S. V Nperformance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the; T( b/ q3 P+ I
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
s( n" U4 k* U3 \3 l( F# ]considerable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate7 g3 K' ]7 g9 ]0 A' L. \
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the R! {0 N9 ?4 h6 @8 k" h
2 per cent inflation target in an environment of significant excess supply in Canada. Any further( C5 c! r/ x' f' t+ D: R3 E) P
reduction in monetary policy stimulus would need to be carefully considered.- _9 ]* ^' Z8 k( X8 l4 I v0 _3 _
Information note:9 |2 `# p) u7 ^0 f. u3 U3 }6 O
8 K7 n# N$ l0 p+ `& EThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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