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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.
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
2 E+ O' H( p/ k6 k, J; @2 ]1 TJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
- k- ]0 A6 q1 z& {/ }& L/ Jsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
0 r. d/ B7 g% d5 Ychallenges associated with sovereign and bank balance sheets will limit the pace of the European
/ C$ Z- t' e; F7 c8 G" z# Erecovery and are a significant source of uncertainty to the global outlook. Robust demand from
4 B6 c' R- r, B! uemerging-market economies is driving the underlying strength in commodity prices, which could$ X: B, a+ B( v! q' _
be further reinforced temporarily by supply shocks arising from recent geopolitical events.8 |$ ^. |. Y/ I0 ~
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The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
1 C) W. Q& f9 I0 `' b" x! _the anticipated rebalancing of demand. While consumption growth remains strong, there are
) x4 D2 z4 z- C$ ^4 M) msigns that household spending is moving more in line with the growth in household incomes.+ J8 D' h) W' J8 f5 Y+ z7 [" z
Business investment continues to expand rapidly as companies take advantage of stimulative
# D/ P! W# n; Afinancial conditions and respond to competitive imperatives. There is early evidence of a: e3 m, t: {/ U0 E, V
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
! G: H+ o' ]4 I) v* n7 z1 V  vHowever, the export sector continues to face considerable challenges from the cumulative effects
! X4 E. \; N0 E! yof the persistent strength in the Canadian dollar and Canada's poor relative productivity
/ z5 t; G; U$ w0 z( r- aperformance.# T% v5 u' B) ^
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
; k2 [: \& ~* i8 ?; }* w. _9 TBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the' B' U+ S' v; u# W
considerable slack in the economy.
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" L/ b* P4 C5 i& ^( k  \* HReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate0 x3 H: |2 Y* H* R( C( Q3 S
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
* z; [( j# ?; }3 p8 |2 per cent inflation target in an environment of significant excess supply in Canada. Any further
% @1 E) R" Y# V7 lreduction in monetary policy stimulus would need to be carefully considered.$ R9 f# Y4 i% V) o
Information note:
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The 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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