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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( s1 |: r. S) i8 r
( l6 h; O* ?8 u, Q; X; SOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
, f1 S( a& a9 crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 d$ q" S6 G+ {5 L8 mraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal% m# ?2 u8 Z8 [7 V8 w) ?" y& {
operating band of 50 basis points for the overnight rate.
( @0 [# x3 ]/ |- t* O
) E$ E+ v4 g9 ZThe global economic recovery is proceeding but is increasingly uneven across countries, with
+ ^; F0 `' G2 M% N& mstrong momentum in emerging market economies, some consolidation of the recovery in the( |8 g: I) }6 ?
United States, Japan and other industrialized economies, and the possibility of renewed weakness. `$ H. M; R/ E
in Europe. The required rebalancing of global growth has not yet materialized.& s5 q5 p9 g H b! D
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal' \8 ^9 e2 e3 \; i9 N& `7 m5 \( Y; \" o
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 H5 m2 U1 F+ a1 T) Q ^variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
; V# r: Q9 @# b+ E# J3 Ain higher borrowing costs and more rapid tightening of fiscal policy in some countries - an9 b$ D- U0 f0 E2 Y
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 u, U- n3 x0 P( s' p. u# }9 Lspillover into Canada from events in Europe has been limited to a modest fall in commodity# U" |- G* r" k# g% s, l* E# B
prices and some tightening of financial conditions.. `) y2 R a. S6 @, u# t
7 L3 I/ z! T8 Y9 f! A" gActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) y H/ E0 O$ Bin the first quarter, led by housing and consumer spending. Employment growth has resumed.1 S2 ~! y0 e( @; o3 x0 N! A
Going forward, household spending is expected to decelerate to a pace more consistent with
" T0 S% r' D! uincome growth. The anticipated pickup in business investment will be important for a more
; G1 M& J" L0 w( D: ~balanced recovery.. R, ~2 F3 W$ Q8 F
- q* L, C! E% H- F3 Y& i4 L
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects" J3 m4 }9 @! a& V; c
the combined influences of strong domestic demand, slowing wage growth, and overall excess' ]6 p; B! f7 w2 x0 E* `
supply.
2 s# q0 H/ @2 }' G" k l& H( A; O& i: |( Z
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and, J$ i/ {4 n# ~" ~2 u' l1 l' i/ Z
to re-establish the normal functioning of the overnight market. This decision still leaves considerable " a. H( D" A1 c5 B/ o. A" I/ Q
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 P, ?% y3 f/ F3 ?# ~2 esignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
F. b0 a0 g, w8 n G2 ]$ b( ^
5 F$ R' K! ?- P2 I; qGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary8 J' D4 B# ~, [( a
stimulus would have to be weighed carefully against domestic and global economic
2 v7 l; L; I/ [2 Z0 V5 z/ Fdevelopments.
# x2 Q7 z+ x8 H+ c- G6 S6 x; v
2 M& X, v+ k- G; FInformation note:
$ e5 Z+ H ~5 W2 @/ nThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 X1 o7 o" X" Q. d- v0 dof the Bank's outlook for the economy and inflation, including risks to the projection, will be
, b. D, Z) ^# o+ T3 }9 o5 Y9 Rpublished 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！