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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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$ w+ N; I Y" P4 Z' ]# @OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
' I9 A# {% I& r2 Arate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly3 F: h* L6 |$ X/ [
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 J6 Y4 G0 I. i' Y; v: y# b9 C3 R
operating band of 50 basis points for the overnight rate.6 K$ _* [( a% r; Q: ]( u
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The global economic recovery is proceeding but is increasingly uneven across countries, with
! I4 y$ h9 f! R* F/ i* dstrong momentum in emerging market economies, some consolidation of the recovery in the7 _& E3 O7 h4 T8 g+ v: [. m T: E1 V$ g
United States, Japan and other industrialized economies, and the possibility of renewed weakness
5 T7 h7 J3 `# d7 V; Tin Europe. The required rebalancing of global growth has not yet materialized.# n4 A) E1 `9 u I% }
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
! k- B( O# ^7 J; Zstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
0 }0 N! S% B$ wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result. g# t5 Z0 ?2 T8 D
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 Z2 z+ Z% n& b$ d: @
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% G/ ~9 L' g* U; D3 mspillover into Canada from events in Europe has been limited to a modest fall in commodity, _! _: W0 u) W& A% G! D
prices and some tightening of financial conditions.: s# D+ }0 ^7 t' U/ `3 A
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 q! @8 [3 ^. J& W U# jin the first quarter, led by housing and consumer spending. Employment growth has resumed.3 U* C# C7 {+ N: [9 R" } _0 v- e
Going forward, household spending is expected to decelerate to a pace more consistent with
, e- z6 R* u- f$ \( M4 j$ T. |income growth. The anticipated pickup in business investment will be important for a more
+ f7 m; I% n2 d3 z% s! zbalanced recovery.
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$ w, m- f7 Y+ YCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ d: ], L, g# d, @! B: b: n) r3 t$ Q
the combined influences of strong domestic demand, slowing wage growth, and overall excess
, T" O, S8 {: {3 k+ C& osupply.
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& ]. w2 G/ s' A, g \In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
9 T) s' n3 p; k, t5 y+ Y, fto re-establish the normal functioning of the overnight market. This decision still leaves considerable * k7 W- i- K' i# t7 S
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 ]9 m% P& S9 Z! _1 l% B
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
3 r# u! z: M$ j( Y9 F) N' T3 r8 ~, F! ~) m7 A) Z* I
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
) Y* i f+ g% @+ Wstimulus would have to be weighed carefully against domestic and global economic# A! U$ ?. t/ c3 n5 U
developments.% J2 R, N% @ S" O6 b" p( j
7 [ F1 ?: G# L' lInformation note:
' R& R% [6 d7 _) {5 P4 ?. D$ }The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 J: } O+ j" C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be, A9 j; P' l% k" [6 B1 O4 L# k% }: G
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！