 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market% c! ]8 Z1 A) Z! O4 S4 j1 u
4 d* a% A' q+ C$ WOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) A2 V& W4 i% c$ s4 V, T3 f
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly8 O& F& I$ x" R8 J; W
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& P; D, o; q/ z) i1 N& _7 Z9 ]operating band of 50 basis points for the overnight rate.! b5 L n: F, }8 G
9 ^# Y1 u8 `/ Z
The global economic recovery is proceeding but is increasingly uneven across countries, with8 a* `- R% |2 A2 T$ J. p& h: l% i
strong momentum in emerging market economies, some consolidation of the recovery in the- M) |, X7 s' P0 V: p5 o9 F
United States, Japan and other industrialized economies, and the possibility of renewed weakness
: r- \; b x7 b" c7 k2 Z o7 Cin Europe. The required rebalancing of global growth has not yet materialized.0 @" r8 V& j# i1 d X3 v7 Y' q
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& G# |/ Z$ m2 C7 b4 |stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% V2 S0 P9 g. H
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result8 A9 h7 d" R: L6 a6 d! G3 H
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" r. F4 V: p/ M# s7 m4 v, r
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 \7 T& B% D; H- g8 F2 Wspillover into Canada from events in Europe has been limited to a modest fall in commodity
# D( y. P" ]# E" O5 v5 oprices and some tightening of financial conditions." W$ D3 d3 H! L6 p
) s9 d7 w, A, w. n. Q3 EActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent) r$ F9 x1 Z6 K8 a: m5 g I2 V
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ C6 j' W' F2 S/ vGoing forward, household spending is expected to decelerate to a pace more consistent with
9 E$ F# O; M' j' B0 D- v0 R6 eincome growth. The anticipated pickup in business investment will be important for a more& B" Z0 f2 W5 {+ `! h& J
balanced recovery.3 @7 C' d' S2 z/ E' ~* Z$ `1 v
$ l: V- ~( w5 [) f8 P1 M$ }& ?CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ K) C/ j# M3 g
the combined influences of strong domestic demand, slowing wage growth, and overall excess' j/ ^* ?9 ^6 o) |5 ?7 Y
supply.
/ d& k+ n7 D, l: V; _; ~ _" ~7 w. C6 V5 ~
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
: o/ _1 J8 `% e [4 ^9 Vto re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 o* _2 o: y+ ]& Q% m7 Mmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 M% ^$ X' b2 q# Lsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
5 Z6 }2 R' b0 ~5 i* z. N
. |; [1 R* o; w. X. U( L. {, O0 s \Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
y X# h/ w# P4 K6 Kstimulus would have to be weighed carefully against domestic and global economic
5 M1 F3 ~# A5 L' M! P+ c8 Kdevelopments.
7 x& e4 E9 r* `* C$ b; R6 ~' r- {
' n N( M7 p! TInformation note:" A$ h J1 O7 Q5 _
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& R! y% H/ ^4 s, n
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; c. v* V- Y e' c- n
published in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！