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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.& j7 Q! B! W0 w. `& Y7 t
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The global economic recovery is proceeding broadly in line with the Bank's projection in its2 s; O0 j1 R3 u( t3 ?1 X# `
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is, s( [' _2 P$ B2 d
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing7 B9 h W: j0 y1 U7 Q$ z
challenges associated with sovereign and bank balance sheets will limit the pace of the European4 ]5 n. c( G0 I# ]1 z* ^6 Q
recovery and are a significant source of uncertainty to the global outlook. Robust demand from
: _* S0 a+ P# w! E5 ?emerging-market economies is driving the underlying strength in commodity prices, which could" K1 @, V1 a$ p; w: h" o/ G3 \- @7 |7 O
be further reinforced temporarily by supply shocks arising from recent geopolitical events.
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( A' ~7 k! s6 {6 t, K* U+ |The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of
, k, S) T% M: |; |& Rthe anticipated rebalancing of demand. While consumption growth remains strong, there are) D( K2 z P. z& V4 m
signs that household spending is moving more in line with the growth in household incomes.
* ? ^6 T: i7 B9 X9 x' b. W2 X( ^* VBusiness investment continues to expand rapidly as companies take advantage of stimulative0 r% d+ M7 Q z' n5 @4 _ L' x
financial conditions and respond to competitive imperatives. There is early evidence of a
1 e# r: B O- T2 u) _' f1 H2 Vrecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
) C- m5 u% z: n" y |! q- HHowever, the export sector continues to face considerable challenges from the cumulative effects
2 m: D6 b% {6 I8 n8 fof the persistent strength in the Canadian dollar and Canada's poor relative productivity' R& T' @: q; y6 g5 p$ C
performance.- z8 t5 o2 J. }
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
' M. i: k* W9 n0 e- N" uBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the+ b7 C/ E h! l+ v6 Q( f( U& E
considerable slack in the economy.
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; j( {8 l: W) W) L; OReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
4 W( J2 A1 ]6 ]8 I( z8 tat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
# O$ C, `& m- B2 c" d% Q+ _' _' _% A2 per cent inflation target in an environment of significant excess supply in Canada. Any further
- t% |& P8 I/ }/ q6 T7 jreduction in monetary policy stimulus would need to be carefully considered.
; j# ^" C5 ~6 z, a( o; K1 LInformation note:( a+ r" O q0 ?: O( v9 |: O7 f
/ Z! T! J$ m) q7 {0 l6 ^$ aThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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