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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* w9 @) X g0 M5 q
% ~( n1 G P- W4 XOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% r, P* s) O9 n j
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: _' U- H# Y# U! w5 R2 x9 }
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal7 B5 O7 v" W5 [
operating band of 50 basis points for the overnight rate.
( T& F7 \/ Z* q e3 w) y* |- r5 f# ^) j
The global economic recovery is proceeding but is increasingly uneven across countries, with
3 ~( p3 A$ b( P. r; K( B1 Vstrong momentum in emerging market economies, some consolidation of the recovery in the
' D7 ?4 C3 {* L2 {4 X# U0 g% ^0 K$ aUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
+ x) h0 d% C5 S9 W& Rin Europe. The required rebalancing of global growth has not yet materialized.8 B; a* g5 c5 y& }1 J. ?% I
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& u8 m5 V$ g' z/ N. [. u* estimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" o) I5 a4 g/ s$ e8 A
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ m& b3 d3 b, G& i5 A. G$ g
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an2 Q/ S U$ Q C
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! y9 o! C& ]5 Z8 C. W
spillover into Canada from events in Europe has been limited to a modest fall in commodity
( i! f, t% p( C7 iprices and some tightening of financial conditions.& Y' a- L$ t1 B4 n" v9 B8 [
1 G4 }$ G) V5 ~% {3 UActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent0 D) n1 ~% L& H# ?: U
in the first quarter, led by housing and consumer spending. Employment growth has resumed.% K& A; j: A6 v" O/ O w# G
Going forward, household spending is expected to decelerate to a pace more consistent with
, ^6 `$ v3 q. I5 Yincome growth. The anticipated pickup in business investment will be important for a more
8 L Y- {8 D5 \4 w1 H5 gbalanced recovery.9 I# [' z: h2 {: D1 I
2 R3 O2 G2 I3 aCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects7 h3 P2 R ?. u& C, r
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 ?0 @1 g( Z9 C6 a2 v, y' L% h lsupply.- J% p- d" o7 T' E
8 H7 X q6 @! fIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and3 Y0 q2 b& Z4 F/ |" }, E
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ' o, K2 I& V2 E( b6 _3 W
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
( p* [& Y# ^( P1 ^5 Nsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
. }. Q9 v4 \' @
; ~# V2 }0 u rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary8 ~2 p6 f7 Z$ A
stimulus would have to be weighed carefully against domestic and global economic& y- P: z% o* F, w, O- A
developments.
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Information note:% t# z5 V1 T: D: a0 W& D; c$ T
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 V# [# t, n& `9 Z% B
of the Bank's outlook for the economy and inflation, including risks to the projection, will be2 @2 I/ S$ L8 e& E* W1 f/ d
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！