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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' r1 G+ z3 J" c( b' I* v ]5 E
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
! b; a( M6 `7 prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& S1 m; }8 h: P
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal. n5 G) z4 V6 [& T3 R
operating band of 50 basis points for the overnight rate.; A' c& W [% _& i8 t6 s
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The global economic recovery is proceeding but is increasingly uneven across countries, with
" C8 @8 v1 q- ?. w( z; u* q/ Bstrong momentum in emerging market economies, some consolidation of the recovery in the
& O7 B+ N7 P. ^9 d- \( R7 jUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
$ L- X: a, `, z7 Min Europe. The required rebalancing of global growth has not yet materialized.
( x2 T6 W% P1 w+ _In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 `: o, p. X8 E3 kstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: G: z" b2 b; A/ G
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
) o1 |, C3 K; k5 W4 Min higher borrowing costs and more rapid tightening of fiscal policy in some countries - an7 h& u4 j- t: ] S
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 ^$ Q' n" p6 s
spillover into Canada from events in Europe has been limited to a modest fall in commodity
8 @: e' x$ N) x$ T9 T" \; c* wprices and some tightening of financial conditions.' O1 w0 x0 W; q8 {" x" @
: N) P. v& |2 t: s6 M% _Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
! Q5 R8 e+ ^ z' q. U4 j; D9 y, Min the first quarter, led by housing and consumer spending. Employment growth has resumed.
9 x- \& G" g. g3 | {2 Z" [. }0 QGoing forward, household spending is expected to decelerate to a pace more consistent with
+ h3 b" N! t% T( A+ J% Uincome growth. The anticipated pickup in business investment will be important for a more( Y7 s) W0 H# d1 ~ t. }
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! F& o7 T D7 S
the combined influences of strong domestic demand, slowing wage growth, and overall excess; b5 [" }5 e# C" \+ \; b- ~
supply.
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5 p) J. Y1 B4 j6 ?" R. WIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
# e2 U! W& k' R2 qto re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 I3 ?7 ]( D0 U
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 \2 h" U" ?- ]% z4 @7 c. Lsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 ^& Y7 b0 t5 ~- k) h7 g& x8 [
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
: N6 f, n7 n) Z: fstimulus would have to be weighed carefully against domestic and global economic
9 [ {/ Q, t* x& N! {2 zdevelopments.0 d. ^. D/ C- @1 n' T9 Y1 @- w d
- o. b6 P) W7 z& c& VInformation note:
- b7 n& p) M( L" o/ F5 YThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
2 p8 p$ @, p. i( ?' Yof the Bank's outlook for the economy and inflation, including risks to the projection, will be
) Q# ^* q; W0 F `4 zpublished 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！