 鲜花( 65)  鸡蛋( 0)
|
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.
* ~0 j( g& ^0 r* |# r0 ^ {; k! \( O+ h3 C T: ^8 f4 }
The global economic recovery is proceeding broadly in line with the Bank's projection in its9 l4 h" m5 A* G; P
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is- x# N0 H! s3 O( a3 p& E
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
4 }! w" k+ ?1 t' ^& ~challenges associated with sovereign and bank balance sheets will limit the pace of the European
6 R, S: P# }; `0 w3 trecovery and are a significant source of uncertainty to the global outlook. Robust demand from& J: Y% ^" ^1 S9 f
emerging-market economies is driving the underlying strength in commodity prices, which could" V2 V" L8 f* X m; U* h/ z
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
, p. z# e7 v1 O
$ i# f, n& X& W' YThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of6 d/ d4 [$ a8 B, E
the anticipated rebalancing of demand. While consumption growth remains strong, there are
% y4 K- v6 g& }& w! F! L# rsigns that household spending is moving more in line with the growth in household incomes.6 g; S! \9 i, x" [ ~$ g$ I0 h
Business investment continues to expand rapidly as companies take advantage of stimulative9 C( X, G+ j4 `! P' ^8 T
financial conditions and respond to competitive imperatives. There is early evidence of a* W) d; O+ @6 r, U
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 q2 @# s1 [5 y: ]: a
However, the export sector continues to face considerable challenges from the cumulative effects
0 }% G* L# v: k% Mof the persistent strength in the Canadian dollar and Canada's poor relative productivity
; q. Y: X6 T8 _. H) G( Gperformance.
0 {/ ^6 {9 T: I- d1 U
+ N" O0 @5 M* lWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
% v# b# ]3 Z" |: F, ~6 g" X& ~Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the) L: @% ?( i9 D2 t3 \4 j
considerable slack in the economy.* [% Y* K- z F0 X
7 ~* h4 C( A( e& u
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
! H7 d0 s5 S4 k1 O4 F4 t3 Nat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
) f b' S. }" q' n6 t- V2 per cent inflation target in an environment of significant excess supply in Canada. Any further
: _( ]+ G, {' u7 S7 P* _reduction in monetary policy stimulus would need to be carefully considered.$ }$ N5 O, _ b/ N
Information note:
8 K1 Q6 u$ e4 d# }' ]" i2 P. M/ |% A U% D& Q
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|