 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
9 C! |+ _5 w" f8 N
% Z" O- w7 }1 ?$ gOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) ~, `8 V* k4 G7 N- j
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# c" @8 r9 \2 Fraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
- A. k# U& p8 b! V1 S7 B. t( m+ Q- Joperating band of 50 basis points for the overnight rate.6 } q+ ?1 o9 G6 {3 C
% l6 z7 j) z- M9 { e
The global economic recovery is proceeding but is increasingly uneven across countries, with
Q. c1 f" @$ G$ J- ^strong momentum in emerging market economies, some consolidation of the recovery in the
7 ?1 H8 J( G! w. ]8 ZUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
- v8 u) j# Y7 G' w( jin Europe. The required rebalancing of global growth has not yet materialized.
% l8 M- p' H0 X9 r" l* S6 ZIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: ^4 O9 ~' z' W+ w( b) istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the, c5 _" E# Z( _4 v" l, B5 z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 c: @! e. Q( l3 W
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an, @7 Q' G0 ^+ X5 d; u1 Y9 u& ~
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
# V. |- o! h9 ^0 o" j7 N# Hspillover into Canada from events in Europe has been limited to a modest fall in commodity
* k$ ?& T( t6 K% ~prices and some tightening of financial conditions.0 b6 p: z7 `- N- c# z6 v$ e
) q/ Y6 C) Q% Q: C% v* S
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& e3 [9 r/ ]; } d
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
: }. v( E) m3 w2 {( }- U/ h$ d9 AGoing forward, household spending is expected to decelerate to a pace more consistent with
' ?" Y/ W. n3 G& W% v) I2 E2 e3 Pincome growth. The anticipated pickup in business investment will be important for a more
0 X3 \/ _ p& d/ B# Y* K# Jbalanced recovery.) H- `" O/ ~# ^9 H0 j$ M* c* c$ `
# m( m) H# e. A% k1 K
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects2 w( R. {2 P. v7 V
the combined influences of strong domestic demand, slowing wage growth, and overall excess
6 C/ ]( F* N' O) r: m. |* G% y' }supply.5 y, y8 B# W% p+ m+ M6 d& r
! K3 F ?, T$ p e6 d) o
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
, t# {7 [5 n9 d4 _0 |6 wto re-establish the normal functioning of the overnight market. This decision still leaves considerable
$ u8 g* ?5 v2 y9 Y7 V% e/ ~monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
" a! F5 i& b+ L6 T$ R% psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
d4 B. Z; o/ O* `% m; @ u1 p. |
2 N" c9 I9 K# _& g9 w) d5 }Given the considerable uncertainty surrounding the outlook, any further reduction of monetary' [( W1 H4 e( [4 m4 {' ], [
stimulus would have to be weighed carefully against domestic and global economic
|9 X Q4 J/ a# B i% Zdevelopments.
- N7 k- ]1 m4 b1 s
6 F4 e) ^, Y( S; k( |Information note:& S w H# _) N+ Y2 e
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 b& b* ]! ?, N* K2 X/ Eof the Bank's outlook for the economy and inflation, including risks to the projection, will be. B# @7 d# q# T% d4 |
published in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！