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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight# k7 G+ l8 j6 S/ ^/ S
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 z3 [6 f( P! E7 n S( @9 |raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 Z* r- g9 A( A" W1 k
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with; \- C" q. y) x4 R) C
strong momentum in emerging market economies, some consolidation of the recovery in the2 U- V$ y+ J2 x
United States, Japan and other industrialized economies, and the possibility of renewed weakness
0 G) N! Q) U. S9 h) y( |; Hin Europe. The required rebalancing of global growth has not yet materialized.4 |9 |3 {$ e9 X' F& N* b
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- [/ p% `6 i- r+ S' Ustimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the/ s0 ]6 N* N* S4 B( e! c( z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
* s6 `9 z$ C& B8 N$ f8 P8 L& e9 p8 xin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an, y* n9 [7 k3 d# j" F
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 h; y3 @1 X+ q8 Q: n) V/ C
spillover into Canada from events in Europe has been limited to a modest fall in commodity: Z. J' n5 N3 Z$ Y7 h
prices and some tightening of financial conditions.6 r$ x% S7 V @5 W
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
1 P+ p( W, ]$ T. Bin the first quarter, led by housing and consumer spending. Employment growth has resumed.- t3 ^9 V9 K& G+ S
Going forward, household spending is expected to decelerate to a pace more consistent with
( N$ d D8 o9 `- Y4 sincome growth. The anticipated pickup in business investment will be important for a more2 q! ~* ~4 ]7 C1 ]4 r9 k3 R
balanced recovery.: T. s2 U' ^/ h/ L% C4 s+ K. M2 W' e
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 [: B/ w6 m2 I; v
the combined influences of strong domestic demand, slowing wage growth, and overall excess
% p* ^! T$ M! j7 b, Esupply.
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' ]1 k6 M& z. }In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
( K7 `' c" G4 ^. c( k* V% ito re-establish the normal functioning of the overnight market. This decision still leaves considerable
V8 q2 m- q- H& emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' i) C: D/ F5 l7 Y
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery./ H; e$ V9 B3 D6 N/ p2 _
( ^+ V6 A1 | X& nGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
% h) q: Z( j+ f, v7 Z$ q1 S% V4 S0 }2 Y$ ~stimulus would have to be weighed carefully against domestic and global economic5 R7 h, n/ d0 }$ Y. S" @
developments.
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% f6 I3 D6 G/ R4 ^' O( QInformation note:
7 _/ e& v" _% A Z5 Z- {The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 c5 F5 i8 N8 A4 A& y
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
) {* c$ x# u! Y2 |; npublished 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！