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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.( q1 k/ n( n6 D7 B0 F0 M) X0 n" G
+ f6 R( T% d$ w5 l$ v2 g/ aThe global economic recovery is proceeding broadly in line with the Bank's projection in its
% Q8 w& _$ |# M/ l5 \5 NJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is) s/ L( ~5 |6 E7 W) l0 X- o# _- ^& a
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
+ M0 c. q( X8 [: Z& I- kchallenges associated with sovereign and bank balance sheets will limit the pace of the European" |- N0 Q% D+ w& n& U1 i+ P
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
9 T- b7 e6 ?# C& u1 Kemerging-market economies is driving the underlying strength in commodity prices, which could
/ n3 ^6 L c2 J8 m/ Tbe 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! E3 B* C) C" @6 y
the anticipated rebalancing of demand. While consumption growth remains strong, there are3 J. B8 B4 G# ~, Q A+ Q# R2 q
signs that household spending is moving more in line with the growth in household incomes.+ B" w4 W/ a8 g P; s0 b
Business investment continues to expand rapidly as companies take advantage of stimulative
2 A! p. o% ^ s* ?- F pfinancial conditions and respond to competitive imperatives. There is early evidence of a
; \. I! @; S) \3 E. D5 v2 j3 L' S! urecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
" D0 u6 R& F) t- ^- nHowever, the export sector continues to face considerable challenges from the cumulative effects
3 P2 _; [+ n& p# S6 k3 oof the persistent strength in the Canadian dollar and Canada's poor relative productivity
5 F- U! t- C+ O nperformance. [4 {# R# K/ g* @ z, Q7 F- S7 K
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While global inflationary pressures are rising, inflation in Canada has been consistent with the# ]( D4 T, ?$ g* ]: C- c0 `, s
Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the
. I p; d4 z$ ], O3 Z" c q4 f2 vconsiderable 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$ Q- G% T/ w- {
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the- y* _- E; f/ E3 }
2 per cent inflation target in an environment of significant excess supply in Canada. Any further& T; D$ |! i a. I
reduction in monetary policy stimulus would need to be carefully considered.' }; K& D* ?$ _ g( q- e
Information note:
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' W+ s" j" n* P- EThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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