 鲜花( 65)  鸡蛋( 0)
|
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.
. ?7 t/ V1 z2 v+ A3 v1 X) P6 c
# T6 a* L D3 H# w* O% } s2 nThe global economic recovery is proceeding broadly in line with the Bank's projection in its
, U0 d# N+ P5 N" DJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
- ?9 p% W+ G) Y, y) I( Asolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
E# ?$ i6 t, l' y: hchallenges associated with sovereign and bank balance sheets will limit the pace of the European
' ? d9 i. a" V: v, k: lrecovery and are a significant source of uncertainty to the global outlook. Robust demand from
8 {; R5 R6 ?; @! Jemerging-market economies is driving the underlying strength in commodity prices, which could% p5 S7 ?3 m. @2 I% ^3 g
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
9 T% S) B8 r9 B7 ?' r7 Y/ @/ Y2 Z& N/ O# ]; u
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of' j+ I) i+ w! h6 }4 E: v' O: L- k
the anticipated rebalancing of demand. While consumption growth remains strong, there are, d8 S$ ]/ _% Y' C4 }+ l6 V4 I X
signs that household spending is moving more in line with the growth in household incomes., s+ ?( b! j W d+ G
Business investment continues to expand rapidly as companies take advantage of stimulative! g' Q/ A+ I4 e! `
financial conditions and respond to competitive imperatives. There is early evidence of a
9 C/ W6 V; P+ ^8 Yrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.2 W' ]0 |6 V: o7 e
However, the export sector continues to face considerable challenges from the cumulative effects6 `6 M% ~) v) u( L2 _& d2 o
of the persistent strength in the Canadian dollar and Canada's poor relative productivity& l7 _6 n7 |( l% ~6 T$ r* g
performance.- c' l4 G+ l+ m3 O! s6 ]# M( q
9 f' k) D/ Y' |- a, y$ Z0 x- mWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
1 f0 A! M- b3 G m8 R9 HBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
/ j! N+ y% D+ ^5 f! vconsiderable slack in the economy.2 J+ {: w* T! w6 r: d1 K* S
3 |5 \( `; x7 p% {5 {
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
! u" k0 s3 l7 sat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
) A+ M3 i+ [+ J* {$ X% q, x2 per cent inflation target in an environment of significant excess supply in Canada. Any further9 n8 D3 f* Z( Q! ~8 I
reduction in monetary policy stimulus would need to be carefully considered.
+ F3 I2 T; w0 L4 p# bInformation note:
7 M0 N$ e7 `( {9 V: T# {# B' `; V9 y5 l9 _
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|