 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
; Z/ D! F& i& E
3 `: A2 {& _: W4 T$ c( d$ E7 yOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight t' |/ v, V2 r8 g; ^
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
- ?3 i9 P" s, [1 `& D" d# C& iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 V) d, x: a* ?
operating band of 50 basis points for the overnight rate.
" E5 c9 x! m2 X& o) ]# d, a/ F$ X. r" b- S3 W
The global economic recovery is proceeding but is increasingly uneven across countries, with9 }# x" n! `2 p! H: s4 R; h% y6 d& ^
strong momentum in emerging market economies, some consolidation of the recovery in the; H2 O/ M0 A. ?+ q+ t% _
United States, Japan and other industrialized economies, and the possibility of renewed weakness
6 }2 d' B( O, c2 ~! z1 P" ^in Europe. The required rebalancing of global growth has not yet materialized.+ W, X- k" t) H7 H5 j
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 a% O, Q- l' r sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the0 T" J7 I& O9 z8 d: ^6 ^
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
$ V1 ]( E B% h$ V) C% Kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an9 v7 Y1 X& J. a" }6 z- J9 o
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the0 F% Q7 f' t+ p1 g9 k5 `
spillover into Canada from events in Europe has been limited to a modest fall in commodity" z' Y: Z# r `$ e& p1 v
prices and some tightening of financial conditions.
d9 {' J5 u* d" m3 Q# f; D& _, P, j6 h/ ^
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent6 q5 J- n" ~5 e: [2 N
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
, I1 p/ f: |: EGoing forward, household spending is expected to decelerate to a pace more consistent with
( O7 @7 P* K* ^0 `/ z8 V2 K, @income growth. The anticipated pickup in business investment will be important for a more+ i' M0 m: I; t/ E3 f6 b0 U5 Q' X
balanced recovery.
. `% |% k9 W) H" U% y2 K! n( x
+ G6 [6 p! d' _5 M4 Y8 \CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
y$ ]/ m- Y& ^. |* `; xthe combined influences of strong domestic demand, slowing wage growth, and overall excess0 \) E( b* P s& l$ T* c- o6 P
supply.- h$ J" G8 @9 g" N1 `
4 P3 f$ H/ j- v5 @# KIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and' z7 F, i% C8 c6 M
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
! G J- x) X" Q8 W$ d a. }monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 k& K }( K6 s# p; f. e1 usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
! Q/ C, ]" {3 p. H
6 c2 b) x0 B' kGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary6 g6 `+ \9 J& J+ n: w% [
stimulus would have to be weighed carefully against domestic and global economic) { i: z5 ^* f# {$ E
developments.3 V5 M5 \. }! A
. u7 c7 \) q6 j# kInformation note:
! G k7 x0 X# ^- g. q6 M: d( Z: VThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update" [4 n( s# x" Q! c3 w3 ~$ e$ D
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
8 p# H+ i* ?+ }5 k; D* K4 s0 j8 U1 H, Cpublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！