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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" ?# l3 y: ?4 G. ~$ i
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
$ i4 Y- V- [$ n) isolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing) V' ~1 X- U: E7 X* E( ^- H) N! G
challenges associated with sovereign and bank balance sheets will limit the pace of the European
! D1 f" {" Z+ B. y- krecovery and are a significant source of uncertainty to the global outlook. Robust demand from
/ ^- e; A* O1 _, z2 v) Cemerging-market economies is driving the underlying strength in commodity prices, which could
6 y2 i8 V5 I( }1 r3 @be further reinforced temporarily by supply shocks arising from recent geopolitical events.- T* G+ c' H5 f0 N8 d& O
7 g% I! [+ n) N* F8 h4 gThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of' W4 P* v3 P. m( ] l, r
the anticipated rebalancing of demand. While consumption growth remains strong, there are1 V0 n- a0 ^4 Q) ^7 i7 S
signs that household spending is moving more in line with the growth in household incomes.( b |* x! k t; G% h
Business investment continues to expand rapidly as companies take advantage of stimulative9 U9 _0 ~6 ?9 Q
financial conditions and respond to competitive imperatives. There is early evidence of a
0 V" m- \. X+ g! `recovery in net exports, supported by stronger U.S. activity and global demand for commodities.0 Y! X4 d6 n6 A# G# d. G# D; q
However, the export sector continues to face considerable challenges from the cumulative effects0 G8 H/ J: C, s
of the persistent strength in the Canadian dollar and Canada's poor relative productivity4 f& @, d7 u" A0 f. X
performance.
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# p5 E/ W9 _+ V4 e; {While global inflationary pressures are rising, inflation in Canada has been consistent with the9 x$ s+ r* Q+ w
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
0 ^3 J5 a1 n; p/ Nconsiderable 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$ n% q/ w3 [% p+ {$ s
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the# L% a$ D' {& T7 b3 Y
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
# E. i$ ?6 F3 Yreduction in monetary policy stimulus would need to be carefully considered.7 I1 C5 v/ s' b+ W9 f3 c! N" Y
Information note:
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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