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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.7 T1 y1 S5 x z, k- ~! u& s
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The global economic recovery is proceeding broadly in line with the Bank's projection in its
: V' f( t7 t+ OJanuary Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is& ?- t' T7 ?, E D8 h$ z" Q& M
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
# {8 R3 W! R7 F6 |/ J3 |9 D4 J2 Kchallenges associated with sovereign and bank balance sheets will limit the pace of the European4 O3 s. r1 T( Q$ l' l3 n
recovery and are a significant source of uncertainty to the global outlook. Robust demand from/ U& W5 R. {( k1 n
emerging-market economies is driving the underlying strength in commodity prices, which could
# Y* B) h6 e+ S& T* O, G" Bbe further reinforced temporarily by supply shocks arising from recent geopolitical events.
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3 d( B6 X: q$ F3 W" {The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of) ^ N# u* S6 W2 e
the anticipated rebalancing of demand. While consumption growth remains strong, there are
" @9 u+ d, J/ F1 D; ^3 Ysigns that household spending is moving more in line with the growth in household incomes.9 J% x) w- L ?6 r' P7 @
Business investment continues to expand rapidly as companies take advantage of stimulative# H- D/ p! P. h; `3 n1 `" A
financial conditions and respond to competitive imperatives. There is early evidence of a
4 t7 }) f, h& v/ i0 Drecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
( T* x/ w( m tHowever, the export sector continues to face considerable challenges from the cumulative effects l9 S6 I) C: s, ?
of the persistent strength in the Canadian dollar and Canada's poor relative productivity. ]$ N2 c3 I' n2 I
performance.& B4 \+ \7 G1 n: G/ V9 |. G0 p
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While global inflationary pressures are rising, inflation in Canada has been consistent with the
/ K5 f+ C) E4 R! T% vBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the4 U: N$ H% z; C+ {! x
considerable slack in the economy.
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7 B& W+ \" [0 U. B( tReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate5 t9 I ]5 ]( _ ?4 M
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
0 d& i1 B$ `0 \, H2 per cent inflation target in an environment of significant excess supply in Canada. Any further
. b- ~3 T! q5 u2 ~reduction in monetary policy stimulus would need to be carefully considered.5 T. L; G" Y) D* B' D9 W R+ w0 L! n
Information note:5 z7 C# L* t$ t) X, H: Z
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The next scheduled date for announcing the overnight rate target is 12 April 2011. |
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