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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
" V- J+ `3 ~ ^+ N- |rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
3 W* [1 b, p6 t( b: craised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal7 L6 u; _( V" m3 |
operating band of 50 basis points for the overnight rate.; [& z3 Q: G& j% ~. i l6 {1 |& `
, i% | U3 ?9 L) h3 N% gThe global economic recovery is proceeding but is increasingly uneven across countries, with
- i, A+ B/ R8 \" C+ jstrong momentum in emerging market economies, some consolidation of the recovery in the! f: H2 ~) }& _ M
United States, Japan and other industrialized economies, and the possibility of renewed weakness' Z; Q7 {5 Q& [. `; P3 T: o
in Europe. The required rebalancing of global growth has not yet materialized.3 U: x0 M# f5 z1 g2 a
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal+ m* l0 C" X: u0 {' U# p2 @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 \& S/ L+ H; R" pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
2 |9 o1 [9 m8 q8 K8 D+ Din higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ C3 `+ o0 A# i( Eimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 ~4 |6 G" h4 c) u; T
spillover into Canada from events in Europe has been limited to a modest fall in commodity
' s5 f; c/ Q- C! tprices and some tightening of financial conditions.
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+ c+ W7 ] p/ [" gActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent; a+ C2 h4 z8 I# |6 Z1 I1 u, b% X
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
" `5 }4 O: _ f5 u7 R, s/ ?Going forward, household spending is expected to decelerate to a pace more consistent with7 w: c% U- a2 S+ K" }
income growth. The anticipated pickup in business investment will be important for a more
5 E( Q% @. I/ H5 sbalanced recovery. ^5 h7 n6 ]9 W1 D1 N6 P! v9 p
" x$ E( m5 O# E$ m' h4 g: V4 VCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 E" i( |2 V3 W+ s: `7 `the combined influences of strong domestic demand, slowing wage growth, and overall excess
5 L! {- j" h$ Z; R1 Xsupply.
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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
J: t6 w9 o4 K- M# r5 x; f4 dto re-establish the normal functioning of the overnight market. This decision still leaves considerable ) Y$ z; k, O2 ]0 x
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - B' T; R* O/ a
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary% x' g6 w( y/ Z6 v
stimulus would have to be weighed carefully against domestic and global economic, Z9 k0 g$ Y+ B# n% ^
developments.3 E: J1 ?) f, L% l# K' p+ z% X
. r4 B4 J' I1 \' H- ]Information note:
2 t( u' Z2 T) @5 {+ t5 dThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
/ [$ V& `- a: k* q& X# t6 Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be
* t6 `4 T4 r4 x$ Dpublished 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！
