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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
+ t6 i2 b3 H0 HJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
2 J4 @& c" K% B4 L7 o- u% H" osolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing) {7 ^: j+ A* Z; s) r
challenges associated with sovereign and bank balance sheets will limit the pace of the European
* O. }6 a1 T! ?( Drecovery and are a significant source of uncertainty to the global outlook. Robust demand from
+ p! h. y6 g3 [% S% pemerging-market economies is driving the underlying strength in commodity prices, which could
+ F* P* R% u, R2 Z! p7 E0 ?/ |be further reinforced temporarily by supply shocks arising from recent geopolitical events.. A9 x2 h2 `2 a, b- Q$ U
" C/ ]$ O0 O( R" QThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of( e K% u( }% g
the anticipated rebalancing of demand. While consumption growth remains strong, there are% @) w0 } y( {7 T' l# o
signs that household spending is moving more in line with the growth in household incomes.
" D {; J$ [9 }0 GBusiness investment continues to expand rapidly as companies take advantage of stimulative
$ ^. S5 u+ P# N T' gfinancial conditions and respond to competitive imperatives. There is early evidence of a, D9 @* j; k1 F: q% o3 a, n L+ S
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
6 p2 `( r& f/ s. cHowever, the export sector continues to face considerable challenges from the cumulative effects
% P2 b2 j2 H4 ?of the persistent strength in the Canadian dollar and Canada's poor relative productivity
! r' R/ {8 o- P$ V0 U1 N; _performance.
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, L% ~8 j2 j" ?1 I$ SWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
5 c& y) R+ B Z: q, V0 P" J3 oBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
3 i- u: s k$ ] T3 u( E2 vconsiderable slack in the economy.6 ]5 v+ {& a* t# f+ G; `
& k% j5 N; }) k' U+ A+ ?5 }Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
! n( v" t& m Z5 [! j' n* W! bat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
& o. ~1 k( V3 ?3 |1 ^6 O% i8 Y2 per cent inflation target in an environment of significant excess supply in Canada. Any further) N% U( Q r) B& |; y
reduction in monetary policy stimulus would need to be carefully considered.1 d4 L% `3 _ x$ W. h1 W
Information note:
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4 i0 A: ]$ Z0 s0 |4 P# {The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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