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MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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鲜花(65) 鸡蛋(0)
发表于 2011-3-1 09:07 | 显示全部楼层 |阅读模式
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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) J. s: h  }7 z9 E7 I
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is% x4 K# Q) b8 j: r) M/ m3 Y
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
' p# P  m. m- k8 f( {# Mchallenges associated with sovereign and bank balance sheets will limit the pace of the European$ N8 R" {" I* C; m7 ]: c
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
- w) K3 G  @. {emerging-market economies is driving the underlying strength in commodity prices, which could
! X+ v, V! Q) D+ P  x" D6 n" ^4 Xbe 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
) N+ c" k, S9 D$ P. k% r* p2 S6 Ithe anticipated rebalancing of demand. While consumption growth remains strong, there are# j: i" ~/ u3 j7 v
signs that household spending is moving more in line with the growth in household incomes.1 ~* u  ~+ V0 u' A
Business investment continues to expand rapidly as companies take advantage of stimulative
5 h) _+ l. A% s" `' Z5 j0 |. ofinancial conditions and respond to competitive imperatives. There is early evidence of a- U, A* n" ?/ ]5 ~! w( s
recovery in net exports, supported by stronger U.S. activity and global demand for commodities., Q# D; w: R: r# Y+ I3 a9 R. {; L
However, the export sector continues to face considerable challenges from the cumulative effects8 M! n  {/ ]& J. y
of the persistent strength in the Canadian dollar and Canada's poor relative productivity" a: Y; a4 I$ o3 B2 \6 y/ Z
performance.
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" O8 Q3 D. C  c" J1 f+ PWhile global inflationary pressures are rising, inflation in Canada has been consistent with the% I7 v) E/ k+ i# h* y& e( e; x! F
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
! e$ I, F, O! b4 G0 rconsiderable 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
" _1 }( c9 U4 a  U% yat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the9 J8 h: S2 H( K; Q4 t
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
# U+ J  G4 \3 R( N( i; K  K5 lreduction in monetary policy stimulus would need to be carefully considered.$ e( Y* D; \) @8 ^7 ?. V
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011.
鲜花(1181) 鸡蛋(48)
发表于 2011-3-1 09:32 | 显示全部楼层
It won't be changed for a long time.
鲜花(0) 鸡蛋(0)
发表于 2011-3-1 11:37 | 显示全部楼层
but banks will raise mortgage rate, for sure.
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