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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.4 ^/ u& r" S" t& o$ k/ n( K

( V3 Y7 \" c( s: ~6 q" fThe global economic recovery is proceeding broadly in line with the Bank's projection in its
6 e' q2 A+ k5 v2 J+ Z/ L1 kJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
0 w3 |# y: H- a' }solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
' b: s; H/ h* A0 P0 b" Dchallenges associated with sovereign and bank balance sheets will limit the pace of the European
+ q$ v' Z: L" z1 \) ~& Orecovery and are a significant source of uncertainty to the global outlook. Robust demand from" j1 r5 f5 X$ }3 R
emerging-market economies is driving the underlying strength in commodity prices, which could& @% Z! P2 e1 ^' D& s- @
be further reinforced temporarily by supply shocks arising from recent geopolitical events.2 h' h$ H; v! r! Z! T: K/ \6 m9 e
& D" E, r- U4 b  N& `' ^
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
* ?/ Z2 O  B8 }4 N  |- cthe anticipated rebalancing of demand. While consumption growth remains strong, there are
; o( G" W3 u6 e# q9 g* R/ a9 x" j3 Qsigns that household spending is moving more in line with the growth in household incomes.* ~% G$ [4 n  l, }7 B, d
Business investment continues to expand rapidly as companies take advantage of stimulative! K. W. s5 N$ A
financial conditions and respond to competitive imperatives. There is early evidence of a
' ?% e+ k3 e: p' nrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
5 _. Q/ M0 X( |" _; k: h& uHowever, the export sector continues to face considerable challenges from the cumulative effects. v+ M% `/ O$ c; H# t
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
; a, E% m4 K1 H  U3 n1 }performance.
3 P. z! r& a; i# V5 D1 b  Z/ k8 c) n& g/ F' _) v" J. U
While global inflationary pressures are rising, inflation in Canada has been consistent with the. K  E$ L7 E5 s( }& f
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the9 H# G6 ?5 D- z6 A" M1 i% L+ z7 b
considerable slack in the economy.
# I) P" w: O3 U9 B0 \; \( j* M; {' U) a$ Z1 `  l* L
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
& h- z# X1 i% [0 e& l# @- T8 zat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
) i) l- V3 p' i3 r1 J1 Z0 f2 per cent inflation target in an environment of significant excess supply in Canada. Any further
  Q  j5 X* ]7 oreduction in monetary policy stimulus would need to be carefully considered.* I9 p3 Z4 Z! V9 N
Information note:
: e- n; J$ G  S0 T  C3 g# z
) U' k" H6 M; m' s# v/ D+ X5 pThe 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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