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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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3 d* n! K3 E6 L* P. y5 \* xOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
% t r w: r9 V# `' ^, Qrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) E" d' k0 c. p; i
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; x* I5 s4 k" O i# T" s boperating 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
0 A: d) u' d0 ~$ ~0 a4 kstrong momentum in emerging market economies, some consolidation of the recovery in the
( k; a9 l( c2 O, AUnited States, Japan and other industrialized economies, and the possibility of renewed weakness# U0 X- ]' Q) i$ ]! b
in Europe. The required rebalancing of global growth has not yet materialized.. p* D0 w5 y3 ^( M3 G
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. ?5 Q ]! { t0 d) N' v! pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the* C4 ]& [6 W0 \& F
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
5 s( S- Z& _6 v/ X b1 R8 ]1 sin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 u/ o3 |$ J8 u' Q" [important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. R" x8 ]- D+ `. @spillover into Canada from events in Europe has been limited to a modest fall in commodity) M5 M4 N' C: F6 J, H" B) R- S# l
prices and some tightening of financial conditions.
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2 @; [3 ?6 F8 ^# OActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent) l9 s3 F Z8 Y) J. A
in the first quarter, led by housing and consumer spending. Employment growth has resumed. L' v3 y v5 H) X
Going forward, household spending is expected to decelerate to a pace more consistent with8 ~ s4 Y$ }9 S( Z3 s3 \7 n; S6 o0 Z
income growth. The anticipated pickup in business investment will be important for a more" Q0 C2 @7 n G+ W% ^* L
balanced recovery.% E$ d! w: M( D% C
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
+ L; V$ o3 g8 N- Pthe combined influences of strong domestic demand, slowing wage growth, and overall excess) j+ Y7 z, ]' B4 ]
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
3 C, q. X z7 t( Y% }to re-establish the normal functioning of the overnight market. This decision still leaves considerable
. v$ g1 w+ J1 l T2 _% g2 O' Amonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
3 @3 q- }" |0 A' G: U# Ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.( z& A3 y! f# F- r8 E
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary8 _5 ?# g5 K' j. s. h" f. `3 i X, t4 B
stimulus would have to be weighed carefully against domestic and global economic2 s% K9 V3 }# b9 g! z) }
developments., o$ G4 @. V/ F4 D* O
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Information note:
' @: m1 c u* Y7 A+ b0 S* uThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, {- c: w# T6 H5 Eof the Bank's outlook for the economy and inflation, including risks to the projection, will be
( w. {$ {2 t4 X' n* U' @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！