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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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5 {2 w# {% L3 J2 f, n/ KOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight3 h, h- I1 P( [+ y- t7 D
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 _( j% a b, T0 Z7 \7 j( c; k' x
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 Y0 ]2 {" d; S; S; Z% z3 Q
operating band of 50 basis points for the overnight rate., K, G, t' \3 R* m. ^" j: P$ A
1 u7 H! r! R0 u e8 | K& @The global economic recovery is proceeding but is increasingly uneven across countries, with
9 j3 K: ^( q) i: s7 J5 ~9 S6 @strong momentum in emerging market economies, some consolidation of the recovery in the
}% ~8 q- B6 o& [' f- w) E' A, YUnited States, Japan and other industrialized economies, and the possibility of renewed weakness8 m$ ?- e9 T+ W3 X! ?
in Europe. The required rebalancing of global growth has not yet materialized.$ k. p8 ]; E4 z8 H3 Z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal: R/ c# Z- W; f8 U8 a
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) G! ]8 U% r7 Svariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result! A [6 O- ~% y4 `7 \
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- v& t% j# y; E! T I4 z! E
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- `. s) w( W- K4 rspillover into Canada from events in Europe has been limited to a modest fall in commodity
, @# u! l% B3 U" Cprices and some tightening of financial conditions.& w% I4 R+ l2 a& d5 [* X. V" B
; V h( K+ z( r2 s! _1 P; jActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent" s9 `7 C+ M3 m7 t
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
) a# M( y3 d( T+ j2 @5 d1 mGoing forward, household spending is expected to decelerate to a pace more consistent with8 G5 }' x0 g: ^; L8 H
income growth. The anticipated pickup in business investment will be important for a more; r) B% R9 D, ^
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects0 f" f' @( x6 n( A6 x, Z1 @
the combined influences of strong domestic demand, slowing wage growth, and overall excess
. q( p [ s C9 {1 Hsupply.
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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$ D0 l. l# {: T4 J! ^2 i7 U
to re-establish the normal functioning of the overnight market. This decision still leaves considerable - V, x3 }# w1 p1 `! u- g
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + a$ W4 a6 N, f
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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' }0 p; K4 x8 z+ ^3 b$ `* gGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary% a3 k. P' Y, E8 W3 v9 B5 X& l9 J2 f
stimulus would have to be weighed carefully against domestic and global economic" M6 A8 g4 X, L p) k7 T
developments.
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4 L! N9 N$ t# \: IInformation note:
; ^; C9 A1 y4 P( i. u; WThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 S7 K7 o) T5 M3 E6 P! [2 Dof the Bank's outlook for the economy and inflation, including risks to the projection, will be
. p: Z8 ~* [3 [published 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！
