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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
+ }- O2 t6 c6 vrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 j& f- g* Y' k( F% w3 `
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal: w }3 X# O& h
operating band of 50 basis points for the overnight rate.
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) a9 i* c" k: f5 k; ]: bThe global economic recovery is proceeding but is increasingly uneven across countries, with
5 U1 A0 S+ `! [3 M7 ]% W$ sstrong momentum in emerging market economies, some consolidation of the recovery in the
( I: T2 g* x9 {4 \( m* sUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
1 r1 V0 {' G* }4 Z) Lin Europe. The required rebalancing of global growth has not yet materialized.
1 N( ?" b; a$ c9 ?" BIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 ~, y7 _! I6 ?4 [5 s! C
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the7 ]9 x& @1 n, l- z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. E+ o! C4 V4 i. Rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
8 J- L& J% t6 P5 A3 Simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) q* K* `4 z& F) d5 K9 S2 yspillover into Canada from events in Europe has been limited to a modest fall in commodity2 G& h* Z8 f3 ]. ~1 ?
prices and some tightening of financial conditions.
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0 q& R2 k" d6 I) u: \: |: lActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
' F! C! L% q: G: I" fin the first quarter, led by housing and consumer spending. Employment growth has resumed.8 M, H% D/ c* x/ g! Y' w
Going forward, household spending is expected to decelerate to a pace more consistent with* L- A9 ^0 C2 I* N- e
income growth. The anticipated pickup in business investment will be important for a more
. s. w; Y7 ^) l- W5 ?+ ]/ xbalanced recovery.; C* Q# G) m3 q0 O5 a+ z0 k' p
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 `' g/ ~( @ z0 k3 m! B5 qthe combined influences of strong domestic demand, slowing wage growth, and overall excess
; c4 U9 r. d; P8 Z$ E' F5 Dsupply.% f4 D) p: Z& l& V! e S, m
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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
+ p2 k0 v, h7 B7 c I% x+ bto re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 Q+ c& ]1 T8 a5 {% \
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 ]* t- O/ z5 {2 A, Psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.' G2 x' f- x* R, E! E; _0 t0 Y
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
7 c t# g5 O3 @% k$ n& ]9 g. Rstimulus would have to be weighed carefully against domestic and global economic9 L7 _) q" p) R1 m- o& ]+ x+ ^
developments. ]! t5 W; G D' ]
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Information note:
! M. W) }! K; F. \1 m# I/ e# l5 iThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# T8 u$ |( [- oof the Bank's outlook for the economy and inflation, including risks to the projection, will be
`6 U) Q0 V8 T% Y- }8 z( ]0 o( l: epublished 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！