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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: \8 F6 x9 s: P
% T( T/ W; o& S9 W# EOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' q- n* o b5 Z
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
; ^6 V2 S- y+ f1 C5 vraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal; B, W, O- d3 A" s
operating band of 50 basis points for the overnight rate.
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3 r+ R8 H/ R/ `5 K9 C1 nThe global economic recovery is proceeding but is increasingly uneven across countries, with: I4 \5 n8 w3 O! @
strong momentum in emerging market economies, some consolidation of the recovery in the
& i$ m* a& k( q9 WUnited States, Japan and other industrialized economies, and the possibility of renewed weakness9 B7 |' P$ c: @9 V" ?) d; @, k0 y2 `
in Europe. The required rebalancing of global growth has not yet materialized.8 B' O4 D9 C- \, F# h; S
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal; [' U- }6 x6 ~. a3 T
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& ?7 _3 \& @0 U8 [
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result' s) D( G9 }7 i- s4 I7 @$ U! o
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 m. I' g: |9 q+ Eimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% V' ]' W* f. Y7 M+ q Uspillover into Canada from events in Europe has been limited to a modest fall in commodity
0 U8 L) {. l* vprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent7 _" u- j1 A3 y% \
in the first quarter, led by housing and consumer spending. Employment growth has resumed.. t" ^) i; u. Y5 d, b* _9 w' M
Going forward, household spending is expected to decelerate to a pace more consistent with$ E; { h# U0 V7 C' {* ?. v
income growth. The anticipated pickup in business investment will be important for a more& i7 k, c7 M; I3 @+ C$ p0 N
balanced recovery.7 [7 K7 H" j) y
+ N, Q, Y% R. y
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ z. W9 }: T# x4 j0 Z: l
the combined influences of strong domestic demand, slowing wage growth, and overall excess
$ c# I2 r$ T$ Msupply., ^. i8 y/ h7 d/ W. J) U1 h
' N6 C$ ]5 r! u+ [% j+ ~3 e
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and9 f$ Z7 p6 h' e
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
! e9 X# X! a5 ~, U) \! Pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the * T" D+ L. T3 g" p
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 t; [* K' r6 u- m
- D- B8 f. ^ A& D, J, |Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
. j; s1 {9 f# R- D5 G# L$ U& P; {stimulus would have to be weighed carefully against domestic and global economic
9 ]: I! x$ n" m# W: w" i) Qdevelopments." l4 b2 G1 L. K& Y
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Information note:9 S+ F4 o6 a* p5 `5 n" z* Y" i
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( B0 n0 x( `: ]4 Xof the Bank's outlook for the economy and inflation, including risks to the projection, will be, f. m; _3 u- ]. u8 j- K/ j
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！