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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
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' L) _; S- G+ F$ ~OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
" c3 R$ t! g8 I* @( } jrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 L. Z5 l) ]$ U8 y% @$ W) H
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
- i) o0 S, m3 p& Woperating band of 50 basis points for the overnight rate.# `: f L4 P7 {2 |& Q4 _
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The global economic recovery is proceeding but is increasingly uneven across countries, with
9 Q+ e3 m# Q6 I/ a# fstrong momentum in emerging market economies, some consolidation of the recovery in the
+ X0 r7 w3 v9 f$ J1 p/ tUnited States, Japan and other industrialized economies, and the possibility of renewed weakness1 o# t. W2 H$ Q; ~0 V
in Europe. The required rebalancing of global growth has not yet materialized.3 Z2 Z) o0 o! j0 ^ Y
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# N0 V- j. u7 C, ustimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
! ]( g `$ ?- P9 x+ T4 D" Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
' U& x6 x$ }- @4 o! e) v) r2 v: Gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
; N" g# h1 N. kimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the, X; D9 d- S8 V+ T
spillover into Canada from events in Europe has been limited to a modest fall in commodity8 d0 c$ y/ i9 T- _* k3 { `, e
prices and some tightening of financial conditions.0 q _2 H! I. ^4 F
* {: @% t. |) Q) Y7 {& P: eActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ W/ S1 W8 G3 m) x, o& O
in the first quarter, led by housing and consumer spending. Employment growth has resumed.9 z5 N6 y, s! v6 \7 Y4 ~
Going forward, household spending is expected to decelerate to a pace more consistent with8 F8 |5 s4 ]# F! Q
income growth. The anticipated pickup in business investment will be important for a more6 g( |4 [2 v6 z, W: D4 A8 j: Y& M7 G
balanced recovery.
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M! J C: r9 B) M2 o. bCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 ]. K1 ?2 \* l% q) Uthe combined influences of strong domestic demand, slowing wage growth, and overall excess
F u# W5 U! M) Qsupply.0 n: N* I# i. U
* h% G. U- V0 H) f6 ?! M( s6 Q4 KIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
6 I$ I# S8 w" jto re-establish the normal functioning of the overnight market. This decision still leaves considerable 3 C- g: A: B/ N! x/ K) H9 q
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
' t8 _, }' t: H: Xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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3 P+ a0 B+ M" a0 ]& @' s- A8 u4 c& BGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
9 U" Q$ A- C" S& w5 Y2 Xstimulus would have to be weighed carefully against domestic and global economic/ M( U: n2 i% \+ H( R
developments.
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' J8 I3 J' B- W- j2 HInformation note:* [$ n" _, c4 J7 a2 b
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 F% v [! C5 V# y
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
* \) N5 K/ V/ ^. Qpublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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楼主
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！