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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: t/ u3 H# h- P/ ^1 }: J( A( T
- s M- a. p* X2 ZOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, f' {7 ?3 }2 G! _+ H& S$ N
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: b! L, l5 o& G4 v8 j# J& Braised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 c H% j- S9 I0 z8 i; j
operating band of 50 basis points for the overnight rate.
$ M% w2 e z% c; B; H( Q! h; a! _% \( l7 Z" k, f2 n: i
The global economic recovery is proceeding but is increasingly uneven across countries, with B5 B3 f) c, s/ V! P- \
strong momentum in emerging market economies, some consolidation of the recovery in the$ h5 e, x) i2 L3 A
United States, Japan and other industrialized economies, and the possibility of renewed weakness; l- ?% V* i8 Q! T6 S. V. i
in Europe. The required rebalancing of global growth has not yet materialized.
4 B5 V: A+ r$ ]9 r5 L( P* NIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
4 E U+ [4 Q! N! W x6 \ G% h) T: Pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
% @5 J! e6 i4 U; \variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: F* u+ C5 Q' W! X) r" Q
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an( l3 t' w3 n6 I9 z0 m$ c
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the. \- Y0 R( K/ Y( C! h5 e
spillover into Canada from events in Europe has been limited to a modest fall in commodity1 l( C. d" G0 I
prices and some tightening of financial conditions.
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% m: |5 _# K0 Q% k! ^( ]& tActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& l- d. f9 t/ B7 K
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
7 W% S9 T+ P# M! q% S. ]$ Z% _; |Going forward, household spending is expected to decelerate to a pace more consistent with
1 a( Q7 q( F: s2 e! l1 w3 s6 Mincome growth. The anticipated pickup in business investment will be important for a more; z% _+ z* ], C( Q
balanced recovery.8 |. b n. i( S
6 b' x, b0 W3 w+ KCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 K/ C8 d' ^' V0 D3 ]3 E
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ o3 F H, r0 c9 e$ ]# [; t
supply.
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& {# N1 D# N+ {# q, ?1 wIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and' r& f. a* a: B- h
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 H, X0 n7 b4 ^5 ?+ o1 l6 e' |. l" I9 H Vmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# C1 \$ o$ W' o; m+ Fsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
8 F1 O7 k! u0 `4 e7 q7 _! Cstimulus would have to be weighed carefully against domestic and global economic
8 C8 G! G+ ~' H9 ~, Z5 W$ \developments.
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& Q! Z, m9 F* s) xInformation note:' D% O C0 Q+ \3 `
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update+ R2 E1 V) @4 ?; X, H
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
' A4 n" W3 m1 o+ L- Q/ wpublished 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！