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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight7 Y Z, S, B4 R/ z. o
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly! I4 Z1 w; ?3 G) M
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal& q* {9 C& z. [& Y. D6 a! @+ K* O
operating band of 50 basis points for the overnight rate.( O' M4 n4 E" m& p9 e- y
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The global economic recovery is proceeding but is increasingly uneven across countries, with
& v! ?+ e/ B0 p8 n5 mstrong momentum in emerging market economies, some consolidation of the recovery in the
. K7 O% X% n9 mUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
7 V4 }% N. d2 f+ D Pin Europe. The required rebalancing of global growth has not yet materialized.) d0 U) h$ S. H' t( O
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal& P' h& |7 l1 c( {
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 N7 x& M$ g. t; Cvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
3 x3 d5 r3 c% @$ C ^, w5 _ A. cin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! p0 k9 u2 n3 ~! q' F
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 ?- G3 U" c" p
spillover into Canada from events in Europe has been limited to a modest fall in commodity' i6 B4 H: l1 i; e: Y
prices 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 cent
- v+ Z& o3 |' g" i8 \( z: Hin the first quarter, led by housing and consumer spending. Employment growth has resumed.: T6 x8 W+ n2 A$ I: G
Going forward, household spending is expected to decelerate to a pace more consistent with8 Y; Z- Z! c$ P# f: p. P
income growth. The anticipated pickup in business investment will be important for a more
( v( b \! ^* T2 g pbalanced recovery.0 d$ l; T. L0 d/ I
; Z# \8 k) ~& C9 TCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 l% D! V- ?' j1 U! Q5 }# I7 K3 y
the combined influences of strong domestic demand, slowing wage growth, and overall excess, m5 i! }9 y: t2 p; X
supply.) _# k; W" H/ I" Y" N
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and3 t2 F* f' ]" N9 z: V
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ; l" Q' T' W2 U7 J0 N: @
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
! O! U# L7 j5 Z' psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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* t i) Z$ D+ b# ZGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
! V- o1 W" T8 n! `$ ]stimulus would have to be weighed carefully against domestic and global economic0 I0 x) Z2 I1 O/ h; Q, C b5 L9 p( C
developments.$ K. p- @/ @! Z, @! j
: k4 Q9 T. H0 F6 h; o5 aInformation note:0 k# O K- u4 C& s. x
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
5 P7 J% H P( d% y) aof the Bank's outlook for the economy and inflation, including risks to the projection, will be
6 x% K! v% b# X& _7 n; vpublished 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！
