MARCH 1st, 2011 -BANK OF CANADA- NO CHANGE FOR THE OVERNIGHT RATE(ZT)

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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
1 A  W& Q; y4 S- |  p. k! XJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
. ^  q+ U% p. Q; Q, z: psolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
3 K$ p" e: j4 V' d" q2 pchallenges associated with sovereign and bank balance sheets will limit the pace of the European
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
emerging-market economies is driving the underlying strength in commodity prices, which could
5 U2 o3 Q. D. A* S7 b$ K" kbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
# Q9 A" \1 j6 A+ H; ~1 ^the anticipated rebalancing of demand. While consumption growth remains strong, there are
$ u, m1 r7 z' h3 P3 P6 T( ]signs that household spending is moving more in line with the growth in household incomes.
0 h" n9 y' M. r2 V5 UBusiness investment continues to expand rapidly as companies take advantage of stimulative
financial conditions and respond to competitive imperatives. There is early evidence of a
6 u1 ~- a) o* d' d  j* o7 z5 [recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
However, the export sector continues to face considerable challenges from the cumulative effects
5 s7 W% U6 R/ a6 H, @7 U0 f$ Fof the persistent strength in the Canadian dollar and Canada's poor relative productivity
0 p, H/ U- T0 U1 Yperformance.
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7 B1 c1 ?* X( m( b( QWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
considerable slack in the economy.

: m; e2 t3 m$ {& j( o. iReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
2 per cent inflation target in an environment of significant excess supply in Canada. Any further
) y0 |+ {) ?* F& }3 m+ N$ lreduction in monetary policy stimulus would need to be carefully considered.
Information note:

5 q; @0 W1 r) z# W) S3 e5 J1 wThe next scheduled date for announcing the overnight rate target is 12 April 2011.

小黄

It won't be changed for a long time.

web123

but banks will raise mortgage rate, for sure.