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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+ m( n J2 Q( g6 x. Z) W
7 s$ Y8 W$ T4 D/ j7 j0 O2 tOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 `2 `8 e3 B9 `/ a) R
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
+ s1 Z5 [- j8 I" r! Oraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
: ]2 v8 w( |2 A* ^" {6 x3 koperating 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
5 w4 U8 S- e& A4 p' [strong momentum in emerging market economies, some consolidation of the recovery in the# u5 c! r/ S0 l
United States, Japan and other industrialized economies, and the possibility of renewed weakness
9 s. [% i1 J. b1 y- _. Xin Europe. The required rebalancing of global growth has not yet materialized.* y+ I) { ~1 P) }' e: ^6 l* |
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 j7 Y% i! C S ystimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the2 T& ~* K* t( p
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result4 O( {% P9 m& M9 E) a
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 o) _" h9 n" g) V" _. D
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the8 v0 o" p; i$ H: I, r; Q8 K
spillover into Canada from events in Europe has been limited to a modest fall in commodity
4 t1 x7 p( ^6 B. W4 |& o- ]prices and some tightening of financial conditions.
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6 `8 ^( }- S: D7 z, R& WActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent/ J. R' ^6 l% i J
in the first quarter, led by housing and consumer spending. Employment growth has resumed.( @: q" y+ ?& e. c6 E5 M( d
Going forward, household spending is expected to decelerate to a pace more consistent with2 ], A7 ?6 U7 Q0 r, W4 Q5 L/ K
income growth. The anticipated pickup in business investment will be important for a more- H j" z3 @, _' _9 N
balanced recovery. {6 A5 ]! k" w/ o
% q- k: P7 f) l8 ?- jCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects7 B' n# |7 t# Y( P
the combined influences of strong domestic demand, slowing wage growth, and overall excess, N: l3 y, p/ ~
supply.; G* @/ \/ ~, h
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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; ]( k. k! V+ d1 n& [
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
% U' R9 ^2 l; n& X$ E% Emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 q) j0 [1 q, M
significant 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# T- N! f% @9 J. v
stimulus would have to be weighed carefully against domestic and global economic: I7 ?4 |% v c( m {" E3 S' {
developments.
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Information note:
* `( o( c- |: EThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 L3 V' U) `( w
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 H V2 n/ h% c+ F# z @) upublished 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！