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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, W, ?5 C. \$ ~: o
' k' k% n; a; z1 s* K( f; VOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight. O& i D7 X/ g: i
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) e7 e2 o0 b* F7 g
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal. ]* D1 W! `1 @( q
operating band of 50 basis points for the overnight rate.
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6 r j. T9 z2 Y! M6 }, VThe global economic recovery is proceeding but is increasingly uneven across countries, with8 I4 V+ {) r- I {, G* W
strong momentum in emerging market economies, some consolidation of the recovery in the) {! I) |: L! a- M
United States, Japan and other industrialized economies, and the possibility of renewed weakness
4 L) s* L, m1 H$ Ein Europe. The required rebalancing of global growth has not yet materialized.
: U% e4 s% I6 ]2 CIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 K/ m! C9 {& n% r% _. n! ~: a
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
0 J7 I- O) g+ h2 `* qvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, _$ O8 \+ g/ M' U: V; t
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an1 t: R( T5 Z# P: V9 O1 w9 [* [
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 h6 B2 ]1 k0 Mspillover into Canada from events in Europe has been limited to a modest fall in commodity
$ q1 e5 q8 I/ jprices and some tightening of financial conditions.* Z: y$ [: x4 f4 e4 M+ M
$ y( w$ T" Y8 e( J3 P$ U
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent2 L% j' H7 P: a& Y6 z* G, I
in the first quarter, led by housing and consumer spending. Employment growth has resumed.( o% |, h% w0 z- P2 m& I
Going forward, household spending is expected to decelerate to a pace more consistent with4 c" f. y1 ?" r6 }
income growth. The anticipated pickup in business investment will be important for a more/ T* Y; G! |3 G( g, l) J) K
balanced recovery.7 C7 n, _( Q/ A" t# k2 j
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ H* c3 _) j% k3 c) r
the combined influences of strong domestic demand, slowing wage growth, and overall excess# J/ }* J8 Y' [3 ]) H
supply.' {5 u& h N- Q. _6 v6 q
, O9 V7 p4 W$ B5 J: X7 z2 oIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) Q: H$ t0 O% Z! z* i6 tto re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 ?! c! N4 F! \monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # z8 R' ?/ A |2 Z' c8 |* H
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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* u; e3 U' |7 w0 O0 T7 AGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
& R6 |& e; Q3 J1 Z% q3 Wstimulus would have to be weighed carefully against domestic and global economic# s3 W# Y6 F; [9 f3 T3 j& a/ ?! y; P
developments.; R' d' W# X, K5 Z) F+ W) r" D, D
# v% a: U) ~. }, qInformation note:
& ?" l- w- S; `; E/ wThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
& J! e+ ~, G/ ? M7 Vof the Bank's outlook for the economy and inflation, including risks to the projection, will be4 ]1 O% u6 r/ h/ }: z
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！
