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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 g) H1 L6 Y. d
( e) `5 v' G, |. S- {The global economic recovery is proceeding broadly in line with the Bank's projection in its! m3 \1 M8 O! r, q
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
2 v; B+ p% ]% L, X, F% Wsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing# p( s$ K$ I C
challenges associated with sovereign and bank balance sheets will limit the pace of the European( J) P3 [3 a D& ~- v. X
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
' w& v- w2 j% p; z1 O4 D4 U, r) f$ a6 Kemerging-market economies is driving the underlying strength in commodity prices, which could
1 X: g- Y+ h. Ybe further reinforced temporarily by supply shocks arising from recent geopolitical events.0 f1 o/ |+ C ?# ^( M# [+ w
/ h0 v0 U: x) R5 F. t* D& C1 RThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of1 J3 b) l! r9 i
the anticipated rebalancing of demand. While consumption growth remains strong, there are
- R! R/ ?' e9 M% J% esigns that household spending is moving more in line with the growth in household incomes.
( W4 P. Q0 c5 G8 ~0 ~Business investment continues to expand rapidly as companies take advantage of stimulative! e: l. A+ f* F* J5 f0 T& y. Y1 ?% |
financial conditions and respond to competitive imperatives. There is early evidence of a
8 Q6 ?8 G: ?- ^8 j( Z2 }; n. zrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
; |' m$ g* o. D! _3 x cHowever, the export sector continues to face considerable challenges from the cumulative effects
" N9 n$ B- f/ z- h0 sof the persistent strength in the Canadian dollar and Canada's poor relative productivity
7 a" V: I6 u: G; C+ g2 Kperformance.
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9 x( k1 R- c: v( F+ L9 ~3 p5 K+ t; FWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
: V6 [0 v* v+ H, B$ _# A9 GBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the: L0 H7 ^0 Y6 [8 Y/ a* h( ]0 q
considerable slack in the economy.2 k: n! Y$ B. B# r
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Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
, E3 \5 I1 ~; }) S6 K6 pat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
/ c5 ~* _; C0 b2 per cent inflation target in an environment of significant excess supply in Canada. Any further$ V9 O' ?( U! V( Y; }9 @. M
reduction in monetary policy stimulus would need to be carefully considered.7 ^1 Q U- x5 h" y9 `) r3 F8 ~
Information note:) r- i, x e$ X" t( Q, k
Z& U) j y; i5 ]( b
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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