Bank of Canada maintains overnight rate target at 1 per cent

商工会事務局より:カナダ中央銀行、金利政策発表 1%据え置き
From Shokokai: Bank of Canada maintaining its target for the overnight rate at 1%.
12 月 3 日、カナダ中央銀行(Bank of Canada)より、金利政策が発表になりました。概要ポイント(仮訳)とリンク先を御連絡い
◎ オーバーナイト金利1%に据え置き。
◎ カナダ CPI は予想以上に上昇。
◎ 米国経済は確実によくなっている。しかし、その他の地域では、不振が続いており、石
◎ カナダ経済は、広範囲にわたり回復基調を示しており特に輸出は堅調。しかし、石油、
◎ 家計債務は依然として危惧される要因であるが、リスクバランスは想定内として、金利
Bank of Canada maintains overnight rate
target at 1 per cent
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.
Inflation has risen by more than expected. The increase in inflation over the past year is
largely due to the temporary effects of a lower Canadian dollar and some sectorspecific factors, notably telecommunications and meat prices. Underlying inflation has
edged up but remains below 2 per cent.
The U.S. economy has clearly strengthened, particularly business investment, which has
benefitted Canada’s exports. Growth in the rest of the world, in contrast, continues to
disappoint, leading authorities in some regions to deploy further policy stimulus. Oil
prices have continued to fall, due to both supply and demand developments. In this
context, global financial conditions have eased further.
Canada's economy is showing signs of a broadening recovery. Stronger exports are
beginning to be reflected in increased business investment and employment. This
suggests that the hoped-for sequence of rebuilding that will lead to balanced and selfsustaining growth may finally have begun. However, the lower profile for oil and certain
other commodity prices will weigh on the Canadian economy.
The net effect of these recent developments, together with upward revisions to
historical data, is that the output gap appears to be smaller than the Bank had
projected in the October Monetary Policy Report (MPR). However, the labour market
continues to indicate significant slack in the economy.
While inflation is at a higher starting point relative to the October MPR, weaker oil
prices pose an important downside risk to the inflation profile. This is tempered by a
stronger U.S. economy, Canadian dollar depreciation, and recent federal fiscal measures.
Household imbalances, meanwhile, present a significant risk to financial stability. Overall,
the balance of risks remains within the zone for which the current stance of monetary
policy is appropriate and therefore the target for the overnight rate remains at 1 per