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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, O# @' A! e, F% l! B
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight. G$ W8 ]) \' E
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly+ C/ ?' r5 G% w# C+ o- v
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal, p0 q+ E" e% j6 b2 ^. ?% `
operating 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
2 x* `( j5 U9 w- _& k! Pstrong momentum in emerging market economies, some consolidation of the recovery in the
' v# M: R2 J" P0 N2 B$ H7 ~5 S" uUnited States, Japan and other industrialized economies, and the possibility of renewed weakness/ P7 h* I; O1 ^5 w2 q1 g
in Europe. The required rebalancing of global growth has not yet materialized.
) B" c2 h* f) d- ?3 c2 n% IIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; t$ D P5 D$ |) g4 {stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the# o _( Z8 e& T$ w
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ y- T2 @/ _2 X' Z' h3 J
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ c3 Y2 Q, p# h. b6 K3 v: [0 w P
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( c0 k- Z( L/ [7 T8 f
spillover into Canada from events in Europe has been limited to a modest fall in commodity9 q; O6 H! W+ ?; q; d
prices and some tightening of financial conditions.9 _* D# E' {) K# i- z6 ?) T/ a
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent* z/ i! P! ]$ V7 S; x
in the first quarter, led by housing and consumer spending. Employment growth has resumed.9 }8 {5 e! o l. {. Y
Going forward, household spending is expected to decelerate to a pace more consistent with6 _# f% { b" `
income growth. The anticipated pickup in business investment will be important for a more, E6 X% a1 e4 L- f* v+ B* h
balanced recovery.. b z7 q/ {6 @6 q) m
3 L; a& N; ^. n9 b) _" Y1 Q( nCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
+ Z7 G# f9 _: \2 U1 r3 jthe combined influences of strong domestic demand, slowing wage growth, and overall excess
- ]" B- P* {% M! l" Lsupply.
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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
( v9 h" S7 U, [to re-establish the normal functioning of the overnight market. This decision still leaves considerable
' T# x: w) ^& L! c6 X& jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& A( W! X3 U$ m) Q( S: o3 Nsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.9 x Z- r0 n8 P
/ I$ z1 w# O, _1 Q/ h) J3 {( O/ BGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
7 \8 X+ N9 B, E" _stimulus would have to be weighed carefully against domestic and global economic; ]3 E4 ]+ Y# c, L7 B
developments.
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Information note:6 i! A( l8 z9 t- V% R0 `1 f
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ q5 S3 h2 r. o. Aof the Bank's outlook for the economy and inflation, including risks to the projection, will be9 o, I: h# c6 t8 T& }7 a
published 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！