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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. q4 h. Q$ s! C4 ~
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The global economic recovery is proceeding broadly in line with the Bank's projection in its$ N! w |7 [5 X; ]; k7 x
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
( f# p2 J; [5 J: m' ?- G8 ksolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing c* E9 j4 n8 U) Z0 t6 O# y
challenges associated with sovereign and bank balance sheets will limit the pace of the European
" `& i+ J/ t; M( r0 F$ r% Irecovery and are a significant source of uncertainty to the global outlook. Robust demand from
# S9 o( Z& A' T& @ _ Femerging-market economies is driving the underlying strength in commodity prices, which could
# {" r ?1 T: F+ _be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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: L \% b' _5 K9 X- c$ t7 GThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of: U9 }3 I. q; v/ {5 k' E4 q
the anticipated rebalancing of demand. While consumption growth remains strong, there are
! E' s1 ?* O* ]6 nsigns that household spending is moving more in line with the growth in household incomes.. q# p7 q3 O _, H8 t
Business investment continues to expand rapidly as companies take advantage of stimulative' S; n6 }# R8 V2 s, E# D0 ~
financial conditions and respond to competitive imperatives. There is early evidence of a$ c( t# s! Z9 P3 J# I
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
6 _' M# ~2 Y5 S/ sHowever, the export sector continues to face considerable challenges from the cumulative effects
8 f, ?/ ~% w& k1 }% @0 f- N$ j% @of the persistent strength in the Canadian dollar and Canada's poor relative productivity
9 @7 P2 Q0 v! n' ]" k* ~! U0 Dperformance.1 V$ E( `+ A" ?6 }
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
* m/ s/ Z6 E. F, k( q# @Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the2 ^* v5 {# G& Z, G( N
considerable slack in the economy.
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, D) S8 i3 r0 c( i3 B! g0 EReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
- a" y4 }. W9 _9 d4 y. ~; l# ?at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
& ?8 R- e' {$ t2 U4 U2 per cent inflation target in an environment of significant excess supply in Canada. Any further
* @) h# J/ @; }. C4 Yreduction in monetary policy stimulus would need to be carefully considered.
# k2 P/ K+ Q: x; b6 W# c8 W+ p8 vInformation note:
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y$ _ w% c" R; }The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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