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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 overnight
r* M! ]. O' x$ orate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
" v& y, S" X# K9 v! b/ }raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 L! J5 j; k0 y, q0 K* B* Soperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
7 r- M5 a' E% b3 estrong momentum in emerging market economies, some consolidation of the recovery in the
1 e% d, Y9 h* }; t2 o1 g4 o' JUnited States, Japan and other industrialized economies, and the possibility of renewed weakness! I, I0 F" A! A) s8 @
in Europe. The required rebalancing of global growth has not yet materialized.2 u8 u$ \7 l6 C3 O! Z. T
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
* {: H8 P2 A4 O) Lstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
' w# H: O$ h# ~. Q/ Qvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 w; \- R9 ~. Y \% Vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* u+ k3 J% D1 f; p
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
2 Q+ @# G) O& V& V( W6 lspillover into Canada from events in Europe has been limited to a modest fall in commodity* ~ a9 F& @1 j- Z6 u4 q$ Q
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
" [- _1 M C5 \* z7 j. Win the first quarter, led by housing and consumer spending. Employment growth has resumed.& }- g5 J* c+ G) E( J
Going forward, household spending is expected to decelerate to a pace more consistent with* H+ I8 |. e, U0 [! p
income growth. The anticipated pickup in business investment will be important for a more( W. ^' ]- j+ z6 }; Y
balanced recovery.
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! t% E) [3 {. h6 u; C) iCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
1 v6 G. X5 U: u2 U: n1 q0 }( Nthe combined influences of strong domestic demand, slowing wage growth, and overall excess4 E& `5 S' n8 u$ g- I" ?
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
1 L' H1 ?. @# F9 x4 Qto re-establish the normal functioning of the overnight market. This decision still leaves considerable ' i8 t" C- x) {0 |" G7 i- y2 T
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + P9 m: C/ i+ g9 F5 @4 g
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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; G1 s1 S" o. P7 fGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
9 N( x' ^2 x0 L5 Astimulus would have to be weighed carefully against domestic and global economic0 V9 |# w% N; \
developments.
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Information note:- u7 K! z' P6 _
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( U4 V9 p8 h$ ~* V2 n2 w" Q8 K8 q1 ^: Nof the Bank's outlook for the economy and inflation, including risks to the projection, will be5 J: D9 w1 ], N O$ ]* }& [" J2 M
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！