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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, R# W; V2 G
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
* z3 S' M+ ?6 G% C1 V9 z: p0 Qrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) B0 ~* s# N) C" v3 C/ O
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal7 ?* K" n: K" Y
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
0 ?7 \& @% n7 x0 lstrong momentum in emerging market economies, some consolidation of the recovery in the8 y, ^/ c* q& y* o0 {6 ]
United States, Japan and other industrialized economies, and the possibility of renewed weakness. w) M' N: D. B5 v
in Europe. The required rebalancing of global growth has not yet materialized.8 U- i4 J5 U. b! w' d( @
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 w6 g8 J& M# \ {7 a w
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
9 K3 O, {" T' h# Z# c1 ]$ |) K; J( ~ }variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result% ]2 D2 Z2 V8 ~+ v
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
& H6 g! |& m8 W5 ]3 {* Iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the: R& I( f! T. u* C& R o9 s
spillover into Canada from events in Europe has been limited to a modest fall in commodity( T' j. ^# \7 V; V
prices and some tightening of financial conditions., _4 v- {/ {6 r9 b
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; z5 z$ z1 n( ]in the first quarter, led by housing and consumer spending. Employment growth has resumed.$ B9 P5 H5 q4 p# z% _
Going forward, household spending is expected to decelerate to a pace more consistent with9 M5 ^& m7 ]! T1 `/ m9 s
income growth. The anticipated pickup in business investment will be important for a more0 m. o" x I& G
balanced recovery.$ B/ W! z+ t0 `
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 c: y1 i+ t: C( x/ W: Y. @2 i- gthe combined influences of strong domestic demand, slowing wage growth, and overall excess; r7 B; _; d6 n4 g# R) E A
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
m, {! J7 T3 X. z$ R+ L$ Jto re-establish the normal functioning of the overnight market. This decision still leaves considerable
: X/ [4 A9 G: ?7 \' mmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 |0 ? g7 p% U- V3 Dsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# t9 i$ v/ ~4 H/ w {9 _& n
2 p: u! v. r. Y$ N- r; i/ rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
8 R% c6 g% M! M7 \5 f9 [stimulus would have to be weighed carefully against domestic and global economic" U5 N0 R2 M1 T* ?. t5 d. T/ ]3 p
developments.* {) X7 P7 w6 z7 i- S
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Information note:+ v R% s; B7 w# ~; x* ]
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 {5 i- x, [/ z7 H7 @, e, {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 F; P2 l. s! O, D' ~: f dpublished 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！