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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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/ p, `$ ^2 S" N' fThe global economic recovery is proceeding broadly in line with the Bank's projection in its+ n5 }* L: i6 f! |* r7 T
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
7 K) N& V$ w0 B' p7 @: i6 ?3 ksolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing; P2 m* G8 B* y4 J* d/ U
challenges associated with sovereign and bank balance sheets will limit the pace of the European
7 u' I% s& u5 C7 E4 N) g3 E. orecovery and are a significant source of uncertainty to the global outlook. Robust demand from
0 M% m6 B; u$ B1 O: L  K3 xemerging-market economies is driving the underlying strength in commodity prices, which could- B% ?7 _# D1 h) Y% J6 t
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
1 n7 z1 w: b; Y) \" k" I0 w0 Q+ o3 ]" a5 W4 V/ p1 Z  w
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of& x, U) V1 M' j$ M
the anticipated rebalancing of demand. While consumption growth remains strong, there are7 s- \7 u# o3 p2 u
signs that household spending is moving more in line with the growth in household incomes.$ D5 |! p9 }( B: V! `6 b
Business investment continues to expand rapidly as companies take advantage of stimulative
) s5 h2 a' w' L. l4 R( ^0 ^5 Gfinancial conditions and respond to competitive imperatives. There is early evidence of a, q+ [+ x$ O* d$ p% q6 d4 p' g- }
recovery in net exports, supported by stronger U.S. activity and global demand for commodities./ ^7 _# m" o! `
However, the export sector continues to face considerable challenges from the cumulative effects% F$ Y0 R, O2 M9 `( f  ]- ]6 k: ], g
of the persistent strength in the Canadian dollar and Canada's poor relative productivity1 ?# E; J3 i" z7 G$ E
performance.
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While global inflationary pressures are rising, inflation in Canada has been consistent with the' m& `5 N! ~! n+ |8 E: i
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
9 E# A% ?) o: o3 ~) x. Econsiderable slack in the economy.
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3 ~) t) [: ^+ y( Y7 eReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
# m: e" |$ J& l; F. ?at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the/ O. o% `9 c! |/ i) N# I4 V
2 per cent inflation target in an environment of significant excess supply in Canada. Any further. W3 p7 W9 X( t3 p
reduction in monetary policy stimulus would need to be carefully considered." M5 v& E% k5 ?8 N; X+ B% Z
Information note:8 t/ |) u5 \4 a1 O" `
& Q5 {8 i+ c6 S2 K
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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