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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# }2 u& H; x: \& ]1 I$ |0 b0 Y5 \$ W
) N9 A: c7 G {% R! A* _OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) n9 d4 o7 Z1 s3 `+ T- e- O
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
) n$ {( R: t' Q- ~- i2 w: Vraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal: k' J; z+ B/ c6 r# \' N
operating band of 50 basis points for the overnight rate.
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2 ~: A8 Q6 f8 f- h% Y/ GThe global economic recovery is proceeding but is increasingly uneven across countries, with- D. p) p7 h, h7 |6 C
strong momentum in emerging market economies, some consolidation of the recovery in the- X$ L z+ c7 ~1 p( r' i* t% Q) f$ v
United States, Japan and other industrialized economies, and the possibility of renewed weakness
/ F* R3 u% l0 v& ~- v* g& Iin Europe. The required rebalancing of global growth has not yet materialized. R2 {$ [) N8 ^; |* a9 g1 K: e
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
) x5 H [, D1 ?stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the7 x4 m" \: q% ~: J5 G+ p4 c3 L
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result5 U. G& L( |9 v9 ^
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" K0 O4 _* j8 j6 q- \
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
+ ?; K% d! W8 |2 V) i" ?9 [spillover into Canada from events in Europe has been limited to a modest fall in commodity
9 p. f3 d; j, O uprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
9 ^$ h" a, D" O0 U8 j' H1 Jin the first quarter, led by housing and consumer spending. Employment growth has resumed.
& w8 k0 j( ?2 Y: KGoing forward, household spending is expected to decelerate to a pace more consistent with& i( p. x+ H- M! k
income growth. The anticipated pickup in business investment will be important for a more& A$ {( F7 S O1 M: u
balanced recovery.
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! I/ M8 }. z2 F1 tCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects( L2 r* S6 k& o' Z: x* g: i3 r
the combined influences of strong domestic demand, slowing wage growth, and overall excess
; H5 S! ]/ D& G( Q" jsupply.
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) ?+ e C% g. u+ ?7 e# k8 I/ M5 YIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
+ }! h3 ~) g, Q1 [to re-establish the normal functioning of the overnight market. This decision still leaves considerable % S) l' ^; p1 }% C! i* s3 H8 Y
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 r' q3 K& z: Q' ksignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
1 L/ C- f! K i. i/ a/ o. e# D$ d$ W& y$ F. [
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
% ~7 q0 X% H& ~; d; N) ?# bstimulus would have to be weighed carefully against domestic and global economic' ~0 [0 g3 j: Q3 a6 _
developments.
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Information note:
1 |. U! x1 r3 { E1 d* d# ]The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update# J; r0 |7 q* V6 |9 d1 u
of the Bank's outlook for the economy and inflation, including risks to the projection, will be' F+ ~7 g% h: N- h* Y
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！