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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 V! g9 E% t9 N+ V
- I7 K* n& {% V1 ^% fOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
7 _# B+ d: K: [: Orate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
( O& d" ^- V+ T4 [raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
- b3 Y" u2 x6 v: V B$ ^operating 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
6 ^% ]* r, [4 J2 s* J5 Zstrong momentum in emerging market economies, some consolidation of the recovery in the& D. Q2 b( s6 z
United States, Japan and other industrialized economies, and the possibility of renewed weakness
4 [4 F) H3 h& Z1 Yin Europe. The required rebalancing of global growth has not yet materialized.
; X7 p$ }$ U3 U( mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal; y( L( b9 V8 B! S9 L; u3 p
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; @; d6 o0 g# ~variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: I4 T! K' f0 h: ~/ L5 ?) E
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. k- u5 [1 C. |; B7 ~5 \+ cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 I' E: T$ T- H" espillover into Canada from events in Europe has been limited to a modest fall in commodity
( G7 u" o7 A; R9 U8 Y% ?& {, Cprices and some tightening of financial conditions.% c$ K# F3 f0 n, q0 E$ ?9 w* f
+ H' g5 Y' O/ k, m8 LActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 }- M5 F) W! ^, k! z4 j: Hin the first quarter, led by housing and consumer spending. Employment growth has resumed.
! v L' @( C! ^6 \, fGoing forward, household spending is expected to decelerate to a pace more consistent with& p- h1 p t: X r7 N" J5 h* F
income growth. The anticipated pickup in business investment will be important for a more, i9 N9 j) \. A3 X) a$ @( p6 x
balanced recovery.
1 X: _4 @( T: h c6 O
* S4 Y8 X5 N& B' B' x# XCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 G( y2 t" Z6 P `3 B
the combined influences of strong domestic demand, slowing wage growth, and overall excess$ H3 @# x) Y9 l' [- h" `- H
supply.9 Q u; C3 g* Y f E
+ m8 l$ L' P8 L3 d5 |In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and, K( [# @& O7 [4 C1 x2 D
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ; ~% g# D/ W3 k" A$ c
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& s7 G0 w) c2 s$ P% ]( Lsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.$ @7 M* L0 d, @
6 l4 G2 O5 n# V+ L5 B+ hGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary. R6 g; O; `9 r6 F+ B- R+ F
stimulus would have to be weighed carefully against domestic and global economic
' h0 Y: t, {" `% m: Rdevelopments.
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Information note:' j1 E1 m6 ^" W# G/ T. k+ f
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) }6 x, A# ?6 c' \5 `: W
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
' ]' X9 D8 ^( |# m$ z& z/ R! i1 Tpublished 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！