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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market( A R" C, T0 R7 v
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
" F5 T7 H2 W: p* }+ P8 erate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly8 m7 W9 Y0 p, K; ^
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 y! t8 e( p Q6 A
operating band of 50 basis points for the overnight rate.- e& S5 p+ G: a* w6 N
2 B, @7 X7 U/ t( ?/ WThe global economic recovery is proceeding but is increasingly uneven across countries, with
% ], i0 F/ x5 ystrong momentum in emerging market economies, some consolidation of the recovery in the
9 _! O; \; T/ c- |8 z+ D/ O; EUnited States, Japan and other industrialized economies, and the possibility of renewed weakness3 Z' X% ]1 g, ^6 W
in Europe. The required rebalancing of global growth has not yet materialized.5 a3 }0 ^ ^) M. z/ ?7 i5 F" o
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal1 j0 U" A- e3 D' R, F7 G
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
j! y' g$ {( x$ H" e% B2 ]variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; ~" a N; a/ n& b. u- W, h/ l
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 P- ?, @5 @8 z$ x
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 b1 ~: k% G% n0 M) R& @6 j
spillover into Canada from events in Europe has been limited to a modest fall in commodity8 d6 g. F& L" P& f3 ^# h) B
prices and some tightening of financial conditions.* |4 X! [2 @; y% R2 {. \7 W9 F; a" ^
1 J% B8 g- K4 w5 eActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 R) T$ J- C1 d$ G2 m2 N9 F0 B# {in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& n, B" x$ T3 b+ S3 w$ e3 ~$ sGoing forward, household spending is expected to decelerate to a pace more consistent with0 F; T% i( a% }- S7 E
income growth. The anticipated pickup in business investment will be important for a more% V& ?, t' v" D& Q
balanced recovery.
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* ^1 n# Z6 p, }+ P) I M* O: pCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# y+ z p4 S/ A& G1 sthe combined influences of strong domestic demand, slowing wage growth, and overall excess
+ }, a, t) |0 ~6 usupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
6 ^2 B; v8 E7 d1 H4 ato re-establish the normal functioning of the overnight market. This decision still leaves considerable # F; e1 j1 b8 |7 w, t+ w/ o; L- c
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
) F/ R: H# ? G0 N2 fsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary4 ~; a. e3 J8 z n" y' h/ X: P* D
stimulus would have to be weighed carefully against domestic and global economic9 B* S* i' m; N( I/ w. G" ?9 s0 a
developments.
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Information note: C4 L( G' ~. l' U- h: i U
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update" j- z' t; m# m) f3 e# U
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
% K, S. X1 i- o7 P- | q' o) kpublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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发表于 2010-6-1 10:11
发表于 2010-6-1 12:38
小罚一下， 请您做一碗正宗的麻辣面犒劳一下版主游侠同志！