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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
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3 D1 U# C5 U, h3 OOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
" g" ~: y6 ?0 g, C1 nrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: u4 D$ P. K6 k2 a3 kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 u) u6 m; y# V) B Y. p8 foperating band of 50 basis points for the overnight rate.2 Z4 i! C& n6 x$ z
4 A6 Z- {) W7 H* LThe global economic recovery is proceeding but is increasingly uneven across countries, with2 X+ V! ]" S9 f3 w% F! C
strong momentum in emerging market economies, some consolidation of the recovery in the) \4 e% F) w! {" X0 v( ]* C
United States, Japan and other industrialized economies, and the possibility of renewed weakness2 u- n2 R, B# M* l4 ^2 m+ ^# z# Z/ t
in Europe. The required rebalancing of global growth has not yet materialized.
, d; ]% t1 F) ~0 ?In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! {6 D9 c1 T/ s! Q |+ @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: r. X Z7 h( \
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; _) Z3 w- {, j4 k
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
- @( D0 C8 V) P. k- Wimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the+ v9 X* T) [/ V) g8 t" G
spillover into Canada from events in Europe has been limited to a modest fall in commodity% V# T9 c- ~# ]; |% e% A
prices and some tightening of financial conditions.
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+ Z: u; r8 g/ W3 C( |Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 \' _+ U. \; N' E/ Z& r9 U$ Fin the first quarter, led by housing and consumer spending. Employment growth has resumed.& ?0 P4 N" W& W3 y- ]9 M6 s
Going forward, household spending is expected to decelerate to a pace more consistent with
! r! Y5 Z ^( n( Z5 R" A" Vincome growth. The anticipated pickup in business investment will be important for a more3 D S/ |0 V7 ]" i+ ?6 I9 d. t/ G
balanced recovery.- S! ~9 K3 y" b2 l3 d( J
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
! F l) O3 {+ J+ m3 ?3 h; n6 wthe combined influences of strong domestic demand, slowing wage growth, and overall excess
% y" P2 M2 ?- _. I$ W, Dsupply.) q+ [6 t3 K: H7 K( ?9 K) ?: ~
0 `; }+ ^( H; U0 n+ _1 k( lIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 u" i+ N5 `$ k" dto re-establish the normal functioning of the overnight market. This decision still leaves considerable
7 \+ A9 J( o! d+ j3 ~monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
- c6 c2 q2 b( ?. _, K5 U& msignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& o6 g+ J* p2 o/ j2 Q {* Q
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 @% @, L: N- nstimulus would have to be weighed carefully against domestic and global economic
. F/ p$ g7 o- o- U. ddevelopments.
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Information note:9 b' e9 f1 f' p8 H: z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# x9 h2 W" I& z3 D# p! Pof the Bank's outlook for the economy and inflation, including risks to the projection, will be
% Z' Y4 S( S* n% gpublished 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！