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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! c+ r- T$ ?$ o* x
$ K, F0 {+ m( C# P& z8 E; x9 uOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight$ Z& z$ t2 t' M
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly- b& s, h- t4 u
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 K5 d( d; p _8 N0 N# Q$ L6 P; m' M
operating band of 50 basis points for the overnight rate., w* K8 |- [ }6 C. M& Y
5 k9 w0 R; }/ h5 [: a" T) h CThe global economic recovery is proceeding but is increasingly uneven across countries, with
' Q/ Y' {8 ]7 m- cstrong momentum in emerging market economies, some consolidation of the recovery in the7 Y2 k) l5 c$ b: b" k
United States, Japan and other industrialized economies, and the possibility of renewed weakness
1 d1 @! ^! S& t$ R r6 [in Europe. The required rebalancing of global growth has not yet materialized.
6 H+ t: q7 k+ b) LIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal8 b7 l! W/ X" r* H% Y) p
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the3 U" o& M" K9 Q
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
) F0 `; n# @; \% g6 c6 Xin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( ?* M1 s% {9 q# Yimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& j* ?& q8 P, Cspillover into Canada from events in Europe has been limited to a modest fall in commodity) o8 m4 k' c9 w% A/ s& v" f8 o; Q
prices and some tightening of financial conditions.: K. i" Y9 `9 [% }1 b- `% d* i
/ e- L3 i! t! \Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 o! j4 e- j$ X- V/ fin the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ h, O- K/ L) M: J. |4 I% UGoing forward, household spending is expected to decelerate to a pace more consistent with
0 X8 d) S7 V: [6 B, ^income growth. The anticipated pickup in business investment will be important for a more: j* e* f/ F: C: c
balanced recovery.
8 N1 p; P9 F! k
z# e. C$ F3 Q7 r. n# }: gCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ ~" X( z8 w0 G9 gthe combined influences of strong domestic demand, slowing wage growth, and overall excess
, J- S# t& A! c1 a% j) Rsupply.1 f8 h5 V0 l7 z! D. r9 x* i) w
: v& d6 y! f- x( g( ?In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 f% y% O; S6 p9 X. H
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
9 c3 e8 W' M" T6 jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 }3 Q Z+ l( L0 J$ jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ T/ @& V) ?7 m" k
( Y8 {' n4 L0 n: D. r* ~+ e' P9 W+ `Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
! d- w: G8 m7 t8 ystimulus would have to be weighed carefully against domestic and global economic2 ?0 q$ f( p7 s) Q) \( [& J3 w& R
developments., f5 \& A! E; y2 V- g. W
9 c1 j ^6 R, b- E7 uInformation note:
" W! P' T! u3 h" q# r6 \The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update2 T0 s; X% Q. n$ l4 j+ C6 [
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
/ f& M Y4 |2 M* ?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！