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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& Q5 T: {* _, Y; M' T
! ~" ?7 ?1 t; q, S! R. IOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) b9 V5 W3 K2 x4 Crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly+ _8 S, y, N$ i9 H3 Y$ y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 l% g) @9 N' h! ^operating band of 50 basis points for the overnight rate.
( E: z8 x7 M# Y5 G. G4 b
& y7 [/ s. v2 B; Y4 hThe global economic recovery is proceeding but is increasingly uneven across countries, with
# ]4 Q% c5 q+ T/ c4 @8 dstrong momentum in emerging market economies, some consolidation of the recovery in the4 V0 H6 M2 h1 `, Y2 u8 ` h
United States, Japan and other industrialized economies, and the possibility of renewed weakness
7 \7 I1 j+ \" [* e4 fin Europe. The required rebalancing of global growth has not yet materialized.6 x& p4 A( ? C% N/ o4 b( X
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal. t# j6 Y! n/ L$ B6 l- x# d3 g
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the7 Q: y8 P1 l0 e* }, ~
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result6 B! Z3 Y( ~ g! Q, W0 y
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an4 z% q" S. ^6 N) m7 W) v
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( V/ j: o' n# ?; Q2 h
spillover into Canada from events in Europe has been limited to a modest fall in commodity+ ?, }* H" q6 ^+ E7 D
prices and some tightening of financial conditions.
5 R& N3 N V& f
3 @1 |/ \; R* \" c4 s0 Z9 {4 g: KActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 Z7 Y1 l4 e7 Vin the first quarter, led by housing and consumer spending. Employment growth has resumed.' z$ L/ d" S# k+ _
Going forward, household spending is expected to decelerate to a pace more consistent with1 S2 P `$ x- `
income growth. The anticipated pickup in business investment will be important for a more
" s$ I2 A1 ?+ |) i0 s3 s Obalanced recovery.
2 Y4 r* A% N- b: h, G/ s. O' c6 u1 Y
0 U" ?5 X6 M$ h) n9 u" I. G/ ECPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 T8 l$ g3 p7 ^' G% |. e, n
the combined influences of strong domestic demand, slowing wage growth, and overall excess9 S, x, Z r5 {
supply.
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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+ F' o9 e* e7 Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 9 S8 T% a+ v# B$ n/ f7 `& M7 Q
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 i. f) R1 e; m1 ^2 T* d* Wsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., C8 z8 Z$ x+ @9 p( D9 m
% m+ C/ E) A: o* J5 ?
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
& W2 K$ _( u/ e9 u- Jstimulus would have to be weighed carefully against domestic and global economic
. E0 x3 F1 @! S! m8 ]+ y0 Ydevelopments.
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3 E5 \/ r$ T. {6 PInformation note:
/ s) f# q$ Z- k% K( cThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 \ v F8 m8 @! q. L! W# \7 L% C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be! }4 I- z2 k9 Z2 y5 {; P; w
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！