 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market% Q5 I2 _0 g, t! X u( j
& C2 u# A" {2 Q/ v
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
( ` c) s+ B" grate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
* i0 L+ _' J% W e6 ?1 Araised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# m/ m. ^/ P. d. v; {operating band of 50 basis points for the overnight rate.
, Y7 W) F0 b5 g3 h5 ~5 h9 g1 ^$ I8 f9 Y) P
The global economic recovery is proceeding but is increasingly uneven across countries, with3 A( m1 ?4 e6 X& u: ~
strong momentum in emerging market economies, some consolidation of the recovery in the
9 x+ E" m) @4 l& x) KUnited States, Japan and other industrialized economies, and the possibility of renewed weakness: R) f; j! ^0 e* A
in Europe. The required rebalancing of global growth has not yet materialized.
6 ?7 c4 V5 U" B' Y5 o DIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal1 f! m8 i/ H& ^8 Z* R& g8 @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
9 h8 Z& X+ K' W6 |variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result4 g* D" H) _/ e) R
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. w+ Q% G/ t. e0 |( W5 {) n, \' aimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the' A' b! G. i& b+ k/ h# V/ J
spillover into Canada from events in Europe has been limited to a modest fall in commodity Q6 N' r3 b" g& Y! U8 I
prices and some tightening of financial conditions.8 C& k* m8 ~& M
& }4 b- I8 n! ]4 P" J/ N
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 Y' w& b5 l. f- U+ @/ a: N1 r
in the first quarter, led by housing and consumer spending. Employment growth has resumed./ `. p C E2 h; n- I# r
Going forward, household spending is expected to decelerate to a pace more consistent with
& I( k1 Y& Z/ ]7 m- i# Mincome growth. The anticipated pickup in business investment will be important for a more( H3 O2 i" p, y. c3 n6 N" a/ O- q
balanced recovery.
6 O7 T+ l' G: Y7 }" Q
# U4 h' K" o0 HCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 x4 o% n6 o9 u, ^: ^ W3 k* Lthe combined influences of strong domestic demand, slowing wage growth, and overall excess4 S, ], w. ?& b
supply.
( O5 @8 t& N6 H4 p# C4 V4 N
; Z7 q) p; S+ U% sIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
y4 y5 Q8 z0 lto re-establish the normal functioning of the overnight market. This decision still leaves considerable
* L& _& { n; Z: t% k o! E& _9 \monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the , G& q' M7 y, Y! d* Y2 |+ a4 ^
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
* G4 r- v5 w4 y2 E, N' f* N1 v
) ~9 R1 l) L ]$ dGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary3 T, m, ]- Z$ o. ]6 h
stimulus would have to be weighed carefully against domestic and global economic# O' N. }& c4 [2 y) O9 i
developments.
# X0 Q) b% o9 _3 z# t7 n4 d J) q
Information note:: C) Y, _9 T: E) g
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% d3 X, \+ ^% ^# k: s" ?- A7 kof the Bank's outlook for the economy and inflation, including risks to the projection, will be
5 Z3 t- R9 x5 y; g+ j# Y5 U" I* G# bpublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！