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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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! T, s% i/ A) a& L/ ?: _+ EThe global economic recovery is proceeding broadly in line with the Bank's projection in its, [ K- @. a# ?8 _. s; C" g# M
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
L* I9 n9 R' T1 O, ?/ l- [solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing1 \7 |7 R, {) u' y: `
challenges associated with sovereign and bank balance sheets will limit the pace of the European
$ |- o6 X7 b! f8 A, [+ crecovery and are a significant source of uncertainty to the global outlook. Robust demand from9 Z5 R6 w6 I& F! [9 E% U$ @
emerging-market economies is driving the underlying strength in commodity prices, which could, @ {8 t( u" O! A: c
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
; G4 d& m% O2 K$ y5 x; \the anticipated rebalancing of demand. While consumption growth remains strong, there are" z8 v$ Y; F% h& A% K
signs that household spending is moving more in line with the growth in household incomes.* { d3 x0 T) v/ ~5 \+ f/ ~
Business investment continues to expand rapidly as companies take advantage of stimulative. a; |: i, _2 |$ B- ^) p) P
financial conditions and respond to competitive imperatives. There is early evidence of a9 I ?! \# x' w7 S6 l7 |
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
' y9 i2 Y/ T$ @$ Y# iHowever, the export sector continues to face considerable challenges from the cumulative effects
+ ?& W# d' a1 p c2 J1 ]7 h5 @2 rof the persistent strength in the Canadian dollar and Canada's poor relative productivity5 L D# k* y8 C7 n3 ?: L8 b' D
performance.- B. v% t+ A$ M, X9 ^! U
" v1 g5 ]% h9 w0 uWhile global inflationary pressures are rising, inflation in Canada has been consistent with the+ U2 E: X n+ l7 Q% A0 T0 Q5 }
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
2 V9 ?" L" ^2 [4 A4 Bconsiderable slack in the economy.
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
! \4 Z$ J1 z8 m3 p/ ?+ K$ Rat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
4 l; S* F' B% P; a2 per cent inflation target in an environment of significant excess supply in Canada. Any further
0 V- b+ d2 t+ \2 Q! A4 l9 ]( S# treduction in monetary policy stimulus would need to be carefully considered.2 q- y" B! @7 K# x& p: s/ Y# O
Information note:9 u/ \+ r& B U7 i# D I4 z
$ m" u4 S; s& m7 x0 Z6 ?/ NThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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