tailieunhanh - OECD Economic Surveys CANADA 2012

The Federal Reserve did not hold the size of its securities portfolio precisely constant after it ended its agency purchase program earlier this year. Instead, consistent with the Committee’s goal of ultimately returning the portfolio to one consisting primarily of Treasury securities, we adopted a policy of re-investing maturing Treasuries in similar securities while allowing agency securities to run off as payments of principal were received. To date, we have realized about $140 billion of repayments of principal on our holdings of agency debt and MBS, most of it prior to the end of the purchase program. . | OECD Economic Surveys CANADA JUNE 2012 OVERVIEW This document and any map included herein are without prejudice to the status of or sovereignty over any territory to the delimitation of international frontiers and boundaries and to the name of any territory city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights East Jerusalem and Israeli settlements in the West Bank under the terms of international law. Summary The economy withstood the global economic crisis thanks to a timely macroeconomic policy response and a solid banking sector. Although strong profits in the mining and oil sectors have supported business investment employment growth slowed in the autumn and winter and confidence weakened largely reflecting temporary factors. The latest indicators suggest the economy is picking up and the outlook is for continued moderate output growth and inflation in 2012-13. However record low mortgage rates have pushed house prices up substantially in some cities and boosted household indebtedness which poses an increasing risk. Monetary policy remains appropriately accommodative given persistent global headwinds and associated risks and the withdrawal of fiscal stimulus but it should stand ready to react to signs of a pickup in inflation. Price pressures are evident in housing and sectors related to mineral extraction while core inflation is running at about 2 . To moderate growth in house prices macro-prudential measures such as stricter standards for government-backed mortgage insurance have been implemented and may have to go further. The 2012 federal budget features significant public spending cuts designed to achieve budget balance by 2015-16. Even larger efforts are being made in some provincial budgets notably Ontario s. This tightening is necessary to reduce the debt overhang resulting from the past .

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