 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 N7 C& R* Y3 \3 s" b
# z5 t- Y5 x% }0 n8 ?$ q$ {The global economic recovery is proceeding broadly in line with the Bank's projection in its
5 R. I! a8 S/ C4 z4 D9 \9 iJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
7 |" S- G3 s/ o: v7 F/ ssolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
. V7 l9 P K$ E7 H& y2 T) l' uchallenges associated with sovereign and bank balance sheets will limit the pace of the European8 @" u; N1 P' `& y* _/ I' G. y
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
! m: o Q5 ]+ l4 I( s6 u/ wemerging-market economies is driving the underlying strength in commodity prices, which could) f6 ^5 f4 o5 m) S
be further reinforced temporarily by supply shocks arising from recent geopolitical events. I9 {; D4 X; ]( Z; C5 F3 Y; G/ r
% T, g+ Z; k0 F$ [The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of8 B4 ~ v s& @1 f" i: U8 V7 y5 x% `
the anticipated rebalancing of demand. While consumption growth remains strong, there are& D( R2 |0 {6 u2 a
signs that household spending is moving more in line with the growth in household incomes.4 w% Q# ]( f4 L
Business investment continues to expand rapidly as companies take advantage of stimulative
3 e! w& e0 M; t n) r9 q9 M) Gfinancial conditions and respond to competitive imperatives. There is early evidence of a9 H. e% O( W$ ^' ~. T
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.* v3 f4 e1 R: ?4 g4 H
However, the export sector continues to face considerable challenges from the cumulative effects W5 V6 p ]; S5 q6 A8 s4 ?
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
( ?4 c- `5 [% u# q$ mperformance.
) G# [, b Q: n
$ o7 Q5 [% d/ k- {* IWhile global inflationary pressures are rising, inflation in Canada has been consistent with the
5 u, f _+ @% PBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the, s2 Z1 J5 \( z* ^
considerable slack in the economy.
: O1 R; }5 w) M, n' j- }
1 S3 e H6 L( w4 Y2 m3 l2 RReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
- G5 K$ ^' U" P4 L0 y% w0 B' }at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
2 C* k6 Y i* _* c8 Z$ }; V2 per cent inflation target in an environment of significant excess supply in Canada. Any further9 F. m Z1 h* g3 o: o, C% i
reduction in monetary policy stimulus would need to be carefully considered.3 Z7 x9 H6 a/ J0 ~
Information note:
5 S: P# n( l4 r( [' |3 `% R& u. R# N
The next scheduled date for announcing the overnight rate target is 12 April 2011. |
|