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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! ?" t2 K, `, y
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
2 J' W" ^3 d% _rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
. w) ]3 [8 J2 j( B h3 Hraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 z0 J5 ^; R! F3 Q1 a, c5 \
operating band of 50 basis points for the overnight rate.
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6 \$ w9 c& v" ~# b% j* L+ eThe global economic recovery is proceeding but is increasingly uneven across countries, with
9 z) ~' n5 F4 bstrong momentum in emerging market economies, some consolidation of the recovery in the; y( G7 T) K, ^( A" y9 \
United States, Japan and other industrialized economies, and the possibility of renewed weakness8 \9 Y7 ~, n1 u
in Europe. The required rebalancing of global growth has not yet materialized.8 U0 K2 _/ E, Z) H
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 M' W c, Y8 Q& A6 j7 W. g @stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% ]3 V6 ]3 v' h
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" x4 b) s. H- G/ E$ uin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
* }. E; U" ~% Q$ [important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 c0 x7 t, L) u3 r4 B$ f" f9 [
spillover into Canada from events in Europe has been limited to a modest fall in commodity; D" g$ u* N1 l I& R& R2 k
prices and some tightening of financial conditions.
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" D5 K! m0 r3 wActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 [ y; [7 W5 y0 ?& K; nin the first quarter, led by housing and consumer spending. Employment growth has resumed.) Z: T2 Y% Z; w. ]2 ]! C ^
Going forward, household spending is expected to decelerate to a pace more consistent with; c4 q- ?' ~0 Z0 N5 H, @" |) ^
income growth. The anticipated pickup in business investment will be important for a more
/ r- n! ~2 ^9 O+ sbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects3 q, n8 Y7 x5 e: F+ m" c4 d$ D' x. [- [
the combined influences of strong domestic demand, slowing wage growth, and overall excess
2 t$ a y$ w5 M6 [' b2 [supply.& [: U) C2 q* \8 r7 ]& {
7 Y g& t' Q5 C9 R! l; UIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
3 f, D- \7 F) y% Kto re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ U: g a4 u* b- p& ?! K0 M6 R, t+ fmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
* P$ d) _5 |4 m7 H9 `; @0 w$ E- Nsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 Q5 s; @8 V1 _4 b" g# y8 `stimulus would have to be weighed carefully against domestic and global economic+ x, e- y0 s! P/ A0 Y$ ~; @
developments.
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# w+ C* {0 m1 J6 Y( yInformation note:2 M7 m8 t% `; r- C+ t' [% g
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update4 U* }# X. a) n/ f# O
of the Bank's outlook for the economy and inflation, including risks to the projection, will be6 g. M7 y# ]0 u% f: h
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！