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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% o# @! _$ W- X( {4 ^
2 r( Z9 `% U8 x8 vOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
5 i% |6 X s" C* q! p3 Lrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
0 `# _4 ]6 t. e3 graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 p! ~( Z/ h p/ f0 t
operating band of 50 basis points for the overnight rate.' m: }. R+ U: K6 P B
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The global economic recovery is proceeding but is increasingly uneven across countries, with
/ n0 h0 p) `- G1 Wstrong momentum in emerging market economies, some consolidation of the recovery in the# X# e8 @. F7 k- K
United States, Japan and other industrialized economies, and the possibility of renewed weakness9 E2 ]. I* ^! @5 a) {0 }; ~
in Europe. The required rebalancing of global growth has not yet materialized.
; w! |3 T: M1 D/ ZIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal- P; t# w! `0 Z0 J. D& C
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
4 s( K6 f/ O0 `0 k- Mvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" r4 d+ [6 x# {9 _/ W, Oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 _. V( {! e" M6 y7 R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the+ G- O( {" ]5 z; v) @
spillover into Canada from events in Europe has been limited to a modest fall in commodity& c I9 x9 s, a* h; H9 U
prices and some tightening of financial conditions.' @/ h& C' d8 E+ s
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
/ r5 z1 C. e% Uin the first quarter, led by housing and consumer spending. Employment growth has resumed.
! c+ w7 {, O, k( [- I$ Z2 sGoing forward, household spending is expected to decelerate to a pace more consistent with
; n N( {4 k, ?: e- sincome growth. The anticipated pickup in business investment will be important for a more
7 B! D6 H, `0 `9 X( ibalanced recovery.
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' j6 ^; q7 B: jCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ Z" M( @( Q) t3 [: h: y4 ?$ w4 V- K
the combined influences of strong domestic demand, slowing wage growth, and overall excess$ n0 y2 U9 t5 s4 G/ P9 ^7 M
supply., B4 T' y1 G7 A% y2 m( E9 j, B/ N b0 i
f; s7 K0 y0 s2 zIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 v* |# R9 V( d$ j! U2 l
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 9 e* M8 l3 T# R. X) x
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& y) T3 a# u0 @2 O7 u$ Gsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 X) B0 C8 m' k# O2 K3 l
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 }7 G O) q& ^4 r" O( [! Pstimulus would have to be weighed carefully against domestic and global economic
. d9 J- W8 @8 D4 l" zdevelopments.
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; x1 x% s+ \, D9 ^7 P6 X H' YInformation note:$ i m9 U8 ?* q; F
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ f/ S8 f: m( \* y8 Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be
9 z/ }7 w9 V8 }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！