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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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, V4 Z. A6 @) g. sOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
4 Z) n! l) C; Y irate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly. y1 ?# [% \1 L
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
1 o- M+ A* [ U. ^operating band of 50 basis points for the overnight rate.
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% [/ h' |# S- F6 vThe global economic recovery is proceeding but is increasingly uneven across countries, with
$ x" j% [' r% t: rstrong momentum in emerging market economies, some consolidation of the recovery in the3 ]$ K2 @, B( o/ B+ ^! j9 s/ t
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 x, C2 v8 _) { S7 @
in Europe. The required rebalancing of global growth has not yet materialized.) e% e% O. ~& f* b" |
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal. h \/ D3 P2 v: S+ T
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the/ f0 O* \! w) r% r5 T) r
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
& R* O5 l g0 N, l6 f- ]3 }in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! C% M/ W* @/ r& b
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the& W5 c9 f& }/ Y5 J
spillover into Canada from events in Europe has been limited to a modest fall in commodity
" ~) \6 O1 \ ~ X* V6 Cprices and some tightening of financial conditions./ G% _; D. T$ p: v* {- e& o# ^; y
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent; j1 G) @/ u. I
in the first quarter, led by housing and consumer spending. Employment growth has resumed./ t- Q# @& `# H
Going forward, household spending is expected to decelerate to a pace more consistent with0 j! S; |5 R. z" g4 J" g
income growth. The anticipated pickup in business investment will be important for a more1 w) w, M. F$ T$ q- \
balanced recovery.3 {+ c8 Z3 s, l. w8 K
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 M# \- _* V9 T- Z0 s' b" Zthe combined influences of strong domestic demand, slowing wage growth, and overall excess$ c% O5 l% j# X( c5 }
supply.
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8 B1 |; |" w0 G2 T. M! o8 n/ }8 aIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
1 J8 ?9 L+ J' H: b8 t3 Ito re-establish the normal functioning of the overnight market. This decision still leaves considerable - G9 @6 J6 }8 k5 _, ^/ t) q7 }5 Q1 R
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ Z6 i- H) v: t1 w, r; ^) O
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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" J% R0 t* |+ g: d! eGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 o" B" q- G% b* J( M4 E. }stimulus would have to be weighed carefully against domestic and global economic0 Y0 u% F* l B6 ~& ?0 m
developments.
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Information note:5 J# i# n3 r/ p$ ~! M! S0 d
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update, m L$ b- O) Y, J: p5 m" C1 R
of the Bank's outlook for the economy and inflation, including risks to the projection, will be7 `1 L/ d1 k F: Y: V7 A' f
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！