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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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/ i. ~1 D3 ^# Z4 b8 n5 ?& pThe global economic recovery is proceeding broadly in line with the Bank's projection in its
; r! W6 g4 n/ v# W' c- h2 lJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
3 x1 C' ^ o2 L4 t' \5 z6 `# esolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing( \. ^# M+ N0 f" z# {
challenges associated with sovereign and bank balance sheets will limit the pace of the European2 G7 C- b1 u5 a3 A( s6 M5 Y4 G
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
2 r# g& v* [2 y4 w' Cemerging-market economies is driving the underlying strength in commodity prices, which could
6 a+ g4 h* e, F0 b' r) O8 d' U# _& ube further reinforced temporarily by supply shocks arising from recent geopolitical events.
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8 g# B6 x( U3 d# ?5 F+ W; o1 K8 XThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of6 i5 x/ m- m) y$ p5 J
the anticipated rebalancing of demand. While consumption growth remains strong, there are/ \! c2 x- a" t& _+ T) l' b0 z
signs that household spending is moving more in line with the growth in household incomes.8 |. G) g' k/ D) Q% N3 W
Business investment continues to expand rapidly as companies take advantage of stimulative
( i# p5 t+ z! q1 y7 u; Yfinancial conditions and respond to competitive imperatives. There is early evidence of a9 T f$ k2 J7 U/ t
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
' p' E9 M- _# [However, the export sector continues to face considerable challenges from the cumulative effects
# [; [$ A5 E' S! hof the persistent strength in the Canadian dollar and Canada's poor relative productivity
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' d4 D! S" z( T9 Z! j, wWhile global inflationary pressures are rising, inflation in Canada has been consistent with the7 t- ]6 a0 p$ P3 G
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the+ D6 y' g1 o9 }9 E% p* B
considerable slack in the economy.* ^6 c S! n$ }8 _& Z) D/ ~6 X* p
$ \. k9 b6 B( @Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate x5 R5 r6 Q0 g8 l0 A; S% c
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the g& {0 ]3 R" \" i
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
" o, O0 O* s9 v- A4 B0 sreduction in monetary policy stimulus would need to be carefully considered.# ~5 ~/ E; G+ s, _5 g- }" e0 x8 Q
Information note:
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! B8 a9 t8 n' T9 }: t- L2 oThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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