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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.1 s. e* P( D6 \0 u9 a: b/ S
7 Q/ n0 n* d/ b! yThe global economic recovery is proceeding broadly in line with the Bank's projection in its6 n u6 k! ~* s v' M+ n
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is
' e( E0 K, J% {5 ~7 O% t4 Zsolidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
; T. [2 Q% }5 ~% O; [challenges associated with sovereign and bank balance sheets will limit the pace of the European
$ j' x: K4 m5 B z9 |recovery and are a significant source of uncertainty to the global outlook. Robust demand from$ d0 h/ V% N I) z z
emerging-market economies is driving the underlying strength in commodity prices, which could6 r$ B2 j+ F/ ~4 i
be further reinforced temporarily by supply shocks arising from recent geopolitical events.7 I$ |! j g& j# G5 F8 C5 u
8 m/ z) J, U kThe recovery in Canada is proceeding slightly faster than expected, and there is more evidence of; g- T* L; P; f- I1 _& e/ ?
the anticipated rebalancing of demand. While consumption growth remains strong, there are
2 g+ e4 b7 a1 I3 Zsigns that household spending is moving more in line with the growth in household incomes.7 l: M! E0 Q- L. @
Business investment continues to expand rapidly as companies take advantage of stimulative; A4 C1 w; A g l
financial conditions and respond to competitive imperatives. There is early evidence of a
8 s9 b+ G5 R c4 Grecovery in net exports, supported by stronger U.S. activity and global demand for commodities.
; }7 b- ^( N4 gHowever, the export sector continues to face considerable challenges from the cumulative effects
0 x( C- {1 I$ b. d2 {/ r8 R) I/ p, aof the persistent strength in the Canadian dollar and Canada's poor relative productivity
+ w9 j9 }1 ~8 ]& q. i+ v/ Gperformance.
R; m3 V- T2 G w, C
' c. I( c6 _4 x; A0 `While global inflationary pressures are rising, inflation in Canada has been consistent with the
+ p: U* ?/ j) Z$ GBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the/ t5 K9 u* G' A5 U
considerable slack in the economy.1 C+ O" i8 h0 f8 @8 ]9 W9 `
) q3 V) V( S; x2 G; nReflecting all of these factors, the Bank has decided to maintain the target for the overnight rate
+ P: _9 ], Y2 ] @7 x: Jat 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the% D2 Z% i4 t4 X' a- V9 B
2 per cent inflation target in an environment of significant excess supply in Canada. Any further* ?6 p4 A; E/ y& f- p" }4 Y( Z
reduction in monetary policy stimulus would need to be carefully considered.
2 n$ [9 Y- m: i) T' I5 D" P! g; `Information note:) _/ q. ]( U* m8 U" }
" P) u' X* z8 FThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
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