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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
3 i- k6 a9 A5 Q4 r' g% xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ A5 b5 \' Y, L* }. ~
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 T# r% ^( e6 `% I) H, M& L
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
$ _ y1 c% H. E2 V9 Hstrong momentum in emerging market economies, some consolidation of the recovery in the
$ Y7 L2 ]# V7 o. gUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
' _3 H0 `! P: Tin Europe. The required rebalancing of global growth has not yet materialized.
, g( S; x, q3 MIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal1 ^9 I' @+ _' t
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the, G0 U" Q+ P( @3 T0 S
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
6 J/ _% S2 u1 C. Jin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
8 K3 m* ^) T: x! r7 j& W2 \important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the2 E0 J+ {! K: }! a% m0 m5 Z
spillover into Canada from events in Europe has been limited to a modest fall in commodity
9 R# q# @8 M. F7 m: Tprices and some tightening of financial conditions.
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$ Q9 o8 f# E: y& W2 D7 g% g9 t/ e8 rActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent/ G5 W( E3 G* ]" j/ O7 l- q$ F
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
; u2 {* t$ ]4 f J& X9 rGoing forward, household spending is expected to decelerate to a pace more consistent with
( F f. t2 k7 u Tincome growth. The anticipated pickup in business investment will be important for a more' h9 j0 a/ E" S
balanced recovery.$ R6 f6 L- C7 S
9 R8 i# m6 s2 X/ V# GCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ T& [; d+ d/ {* F+ N( c+ `7 H- z# ~
the combined influences of strong domestic demand, slowing wage growth, and overall excess6 r8 g1 k3 N3 y
supply.
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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
4 ]2 Z& Q1 j. P `% d8 [# Bto re-establish the normal functioning of the overnight market. This decision still leaves considerable
* }- l# `9 l+ q$ ~+ T& p2 O- mmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 C& t/ V/ x- g. C, `5 Xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 Y) }( b) P: J3 I* s6 G: q0 `4 y0 a
- I$ x3 j+ v/ e0 h" \Given the considerable uncertainty surrounding the outlook, any further reduction of monetary6 [6 O5 M2 @0 s5 z9 l
stimulus would have to be weighed carefully against domestic and global economic# F1 s( t+ P3 v% I Q8 {1 o4 c
developments.
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Information note:
6 Z7 e( p' ]) Q! c- WThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 c; g, Y4 J: xof the Bank's outlook for the economy and inflation, including risks to the projection, will be% z$ ~# G# t" R% Q4 A! E
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！
