 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.
/ a1 E$ q/ \; C2 ^- u, g/ @ V& f+ d
# _! D0 a% o% |: ^8 M. vThe global economic recovery is proceeding broadly in line with the Bank's projection in its: m* M+ d( M5 o9 ?8 B
January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is* u0 z8 s, a( @9 ~) ~! _
solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing
/ f& ]1 Y% C% M9 i! Kchallenges associated with sovereign and bank balance sheets will limit the pace of the European E1 K( G4 D' t1 [. i
recovery and are a significant source of uncertainty to the global outlook. Robust demand from) A! z& t0 d3 u0 i% d
emerging-market economies is driving the underlying strength in commodity prices, which could
& Y: [5 O+ K6 C" P' abe further reinforced temporarily by supply shocks arising from recent geopolitical events.
; h4 h& O( V: [: I1 z% z0 ?- D+ j. \
The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of* H/ `" _: {; @% R( i! o7 J
the anticipated rebalancing of demand. While consumption growth remains strong, there are
& C) E6 Q3 e0 Zsigns that household spending is moving more in line with the growth in household incomes.
+ s6 s" o0 |9 M# X' @9 vBusiness investment continues to expand rapidly as companies take advantage of stimulative
8 j: j" u# `- T8 W. A) z. wfinancial conditions and respond to competitive imperatives. There is early evidence of a A$ A0 [0 h" G9 n8 Q9 n. l F' P
recovery in net exports, supported by stronger U.S. activity and global demand for commodities.
; \5 c/ t5 n2 Y4 ~However, the export sector continues to face considerable challenges from the cumulative effects* a6 f4 Q% m3 M5 _
of the persistent strength in the Canadian dollar and Canada's poor relative productivity
" |" G( f# Z6 _1 A+ ?; zperformance.
) p1 y3 N+ i8 X8 {6 A" q9 y6 Q5 K M2 W v* C$ v! i0 @) S
While global inflationary pressures are rising, inflation in Canada has been consistent with the
9 B( m+ J# q2 ^) mBank's expectations. Underlying pressures affecting prices remain subdued, reflecting the& B2 h3 d" y& a \ N( |! z& f3 j
considerable slack in the economy.
/ M2 `8 J6 v. D1 {! ~; {0 l+ ?( [; c, E; y2 A
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate& r8 ~ \ i+ v6 Z5 {$ H1 Z4 l
at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the
- v* \) ~. f K' `/ G2 per cent inflation target in an environment of significant excess supply in Canada. Any further3 v& ^) z7 e. H; ]0 O: j; D
reduction in monetary policy stimulus would need to be carefully considered.8 |4 ]+ L% j7 h& F
Information note:2 v7 q0 i( y8 Q1 f2 f" W
$ d9 V4 `3 C6 [9 k' Q+ HThe next scheduled date for announcing the overnight rate target is 12 April 2011. |
|