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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 g# ^, {7 J4 D; ]0 @0 l
- [- C: R0 K: \( U+ ^! N% S7 bOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
1 _: Y% @# l; ? }- Krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
]; K! h \6 h) j7 Q& Nraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal3 V' J- h) z1 w2 j2 w* f+ C; x8 V
operating band of 50 basis points for the overnight rate.
9 P5 M" X+ Y5 s8 g
+ B3 r; s0 ~0 } ?) @1 F& \- ^' xThe global economic recovery is proceeding but is increasingly uneven across countries, with
% x3 M$ A& K; ?( ?0 c- B* w+ Rstrong momentum in emerging market economies, some consolidation of the recovery in the% R) G c! M! |! M
United States, Japan and other industrialized economies, and the possibility of renewed weakness0 x$ r( |9 M: T+ V J
in Europe. The required rebalancing of global growth has not yet materialized.
4 E$ U& M3 A1 e( RIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: Y% z! Q0 v- c! wstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the' t! V# P* p1 B5 R4 j
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result' M: n# q/ `6 u* p/ e: t
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 M q. W+ R! x' o1 R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
, V, C6 i, M$ X# i w; k8 F* ?spillover into Canada from events in Europe has been limited to a modest fall in commodity9 b! E1 R G: F3 r% k# `- \
prices and some tightening of financial conditions.2 e/ p5 B1 d% m/ p. L
- [5 b+ ^# l; y( }1 G( q
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 c+ f7 f: i/ H1 y
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
( B2 \5 b/ H/ w! c& jGoing forward, household spending is expected to decelerate to a pace more consistent with) @ k- y, C/ M$ j$ v H
income growth. The anticipated pickup in business investment will be important for a more
/ ~; ]$ [4 x& L) i1 r% b9 g+ I2 cbalanced recovery.% Q) g2 ^0 E4 K' s- N
& H6 B. X, j; Y: ~
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects; y, y1 |. B! ]# h" j
the combined influences of strong domestic demand, slowing wage growth, and overall excess8 |, \: @& N& _+ C2 K
supply. b2 z f9 \ n) d3 K2 [. ~: \
3 a; g N, H" s0 J5 j; k7 i1 h
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and" Y% a0 u- } p* N* q7 h' L) B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
' V+ T: N9 X/ D8 X4 |4 kmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
G c/ M5 h4 A* D2 G& vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
# c4 q6 s1 Q( p2 k0 W; n# a6 ^; h! w, D, W
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary' I% z. I# G( M5 S6 |3 X; r |
stimulus would have to be weighed carefully against domestic and global economic: m& f/ X/ c( b* Q" Y
developments./ j: k: l( {" r6 i, k' d
' p& t" R/ }) b" a5 ^9 V" ?, [Information note:' k2 ^# a/ w1 E
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# D3 \* b6 f; S" g; d9 Aof the Bank's outlook for the economy and inflation, including risks to the projection, will be
! U( p' A! @# W9 d* [' fpublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！