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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market6 B2 ]" Q6 u6 u) ~
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight4 N; b& u9 V% {* A
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
5 k+ {( [" W1 Q; v6 H0 l3 fraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 ^- Y; a5 L7 k) T3 @! |# Loperating band of 50 basis points for the overnight rate.
O8 \0 o9 ^' r8 W8 p+ r/ h6 s$ N" {( W1 x
The global economic recovery is proceeding but is increasingly uneven across countries, with
3 S9 K9 X# ]4 k5 j) o y- m$ \& wstrong momentum in emerging market economies, some consolidation of the recovery in the
$ {8 G( ]8 B( ^United States, Japan and other industrialized economies, and the possibility of renewed weakness/ \/ m V$ ]5 J& C
in Europe. The required rebalancing of global growth has not yet materialized.
" \ q/ e( S2 [, d6 C0 d" PIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ z% a0 E& s+ {2 r7 S
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the. [9 i; f4 Q1 H2 h2 ^$ ]
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result$ R% V2 B( Q. I/ c! V" u' I" X
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ s3 ?( E* E0 P2 u& f) k
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the- c* b1 v# R& X3 s! \4 S- T
spillover into Canada from events in Europe has been limited to a modest fall in commodity
# u3 s- W, t( h* W+ t+ \* iprices and some tightening of financial conditions.0 m9 W2 Q8 l* Z
# \0 T0 f$ Z1 r" h6 xActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; \1 |% S0 R. @: d/ d( O' V. ein the first quarter, led by housing and consumer spending. Employment growth has resumed.
# m; ^' L, Z gGoing forward, household spending is expected to decelerate to a pace more consistent with
+ b5 p+ q ~' C& [income growth. The anticipated pickup in business investment will be important for a more
k* `. t* L" V3 D1 K( Y6 jbalanced recovery.
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8 W f# Y+ O3 P8 P3 I# TCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
% o/ P: {+ A9 {. Ethe combined influences of strong domestic demand, slowing wage growth, and overall excess
" a2 O- Q! X2 o& f2 V2 p7 j8 Asupply.% ~4 ?! }9 T+ B0 X7 E( f4 g6 j! `# R
4 `% x' T5 N6 l# oIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and, [3 p5 P- f) G8 ~) C6 s1 M& g! [
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 z* ]$ z& g/ m% k8 Gmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# {$ s% w1 t4 k$ ~, }; w4 tsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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9 l% t4 w" Q# [/ D) N4 y7 OGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary' |% \/ D0 K+ |0 L1 I
stimulus would have to be weighed carefully against domestic and global economic t# P k1 z: A& w+ a% G j5 y
developments.0 \/ V j) O* s3 ^
: ^; X5 n& C; l& l. {* _3 z7 s( K8 LInformation note:
& M- W' m) T0 eThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 ~+ o' \6 n/ {0 A" c% ~6 |
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
% {1 `9 Y! N! f7 k/ Ypublished 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！
