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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! M. f5 D# l: Z' D5 j7 z9 _6 \
8 I4 ^- c+ e# aOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight/ v0 L! Z) j) z
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
) G c3 _: A$ oraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, l0 x, q4 Y& x* Soperating band of 50 basis points for the overnight rate.$ h/ g T4 e6 i8 B, w2 L
5 r+ y% z+ ?, p5 S0 u# ?
The global economic recovery is proceeding but is increasingly uneven across countries, with
% }0 N% F2 a5 |: _% t8 U$ Qstrong momentum in emerging market economies, some consolidation of the recovery in the: e7 B: p$ [2 O$ J) h' V! G. o! o; s/ ]
United States, Japan and other industrialized economies, and the possibility of renewed weakness
* I" a3 ?/ Q# J- M. b7 `0 vin Europe. The required rebalancing of global growth has not yet materialized.
* y9 ]9 m: f6 M; b5 r& v: ^6 l. wIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal9 ^: t% U7 @7 N6 n$ y
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the3 ~: _" N8 l1 [
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
1 ~5 s h* P0 H! ^in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; o5 Z/ |3 r9 K* c- q+ F1 i
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 Y( J, u6 a) _/ j [$ {spillover into Canada from events in Europe has been limited to a modest fall in commodity
5 n- K, t$ r9 m; X4 \) qprices and some tightening of financial conditions.( R( g( h2 n9 g8 k3 }0 J3 g- G: y2 P
- F2 r) |& s) D* YActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; V* M9 F; R v8 D* hin the first quarter, led by housing and consumer spending. Employment growth has resumed.
) X$ D& ?9 l: E$ c3 B+ c( q0 J1 mGoing forward, household spending is expected to decelerate to a pace more consistent with
: P# d: B: E0 w7 b7 Jincome growth. The anticipated pickup in business investment will be important for a more
6 z' L6 Q6 s' B3 H. R( [balanced recovery.; |5 P3 B7 A6 f
! A+ |7 H* S, ^CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 A3 T3 o( C! f
the combined influences of strong domestic demand, slowing wage growth, and overall excess; O% c; m, T7 v! N. j: y% C1 T; J3 ^. b
supply.
. y- N; N* `* g& j0 Q. t& E5 e% ?$ m. t; [) U
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and: f7 j2 ~( M* t" R$ b
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ( ~$ N4 C9 b. M" \# X
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ) l1 {" h% h3 N: F& C
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: ~9 ]0 I! H8 N$ u
. b; k% w6 j0 P6 f- s6 }% zGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
7 A9 _1 k2 }: x1 U0 cstimulus would have to be weighed carefully against domestic and global economic
# b0 o! n; [* W8 E( P; e, jdevelopments.
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Information note:
* C6 G3 g4 [+ H: Q+ `3 A g4 PThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 ~7 f6 ?& j# m6 o! p! P
of the Bank's outlook for the economy and inflation, including risks to the projection, will be$ X! y% _+ o! W2 O, A# h
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！