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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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: N+ _- ~8 F1 W4 e& I* j. oOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" `8 x, N* r& v" o( u
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly$ E% v- N* H( p' S( B0 {
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 s9 ?5 @! `, D) ?% h; e& {operating band of 50 basis points for the overnight rate.7 ?9 s; {! F7 j4 p! q
$ K) v _/ K# v% \The global economic recovery is proceeding but is increasingly uneven across countries, with
) s7 u+ X. I; sstrong momentum in emerging market economies, some consolidation of the recovery in the
* [2 @5 q' o+ {8 o& a6 ]United States, Japan and other industrialized economies, and the possibility of renewed weakness
8 h7 Z \+ ~0 Ein Europe. The required rebalancing of global growth has not yet materialized.
; ^; [) W. p g( ~# ?0 e; ~In most advanced economies, the recovery remains heavily dependent on monetary and fiscal' u/ E" T' Z1 c) T7 q @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
x: V( |1 t5 [+ V% X' U+ L' wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
3 G# _1 u+ y5 hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: r. y2 g$ |, k6 P
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 V' Q! {) o' R0 K1 k. J4 k8 d9 a" Qspillover into Canada from events in Europe has been limited to a modest fall in commodity
9 y0 r- X. m/ ^( R3 Wprices and some tightening of financial conditions.6 q) p/ g$ V/ S; e8 @% A M
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 G) b. R8 m4 G, n
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
! H/ D: v y2 ]1 AGoing forward, household spending is expected to decelerate to a pace more consistent with% e, u1 u- R# ~7 Z
income growth. The anticipated pickup in business investment will be important for a more
" U" j; |7 g1 I$ u9 f$ R* \balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 P. |) W$ J# `4 ~
the combined influences of strong domestic demand, slowing wage growth, and overall excess* _* a: j1 `0 v0 r% M, L: v/ o
supply.
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6 K( B7 K5 Y$ f: uIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and" I- {1 R3 p4 `7 {: k8 N1 O
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
D+ H3 x6 ]& X4 r. c% A, f7 Mmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 b- x& C+ T, f8 t8 i; A
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 \, ?4 _! F4 S% G$ c
; F0 x: z9 [8 i- r1 k/ hGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary( T- K2 |: e l$ L+ A5 p) l2 b
stimulus would have to be weighed carefully against domestic and global economic
. l% z: Z0 g% e# U C3 vdevelopments.% ]) U& B3 s+ c
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Information note:
9 c" X' x4 H v/ }' z1 M9 sThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update I+ S* _- _; ~+ u) K: z
of the Bank's outlook for the economy and inflation, including risks to the projection, will be& a6 F, K9 x+ Z+ G3 G- p
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！