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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
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' L. ]1 d* X1 a2 P1 J! M9 Y, eOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight6 k x& \# L4 p( Y
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# H: ~* H5 @( f+ L6 u, ^
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( [& e- w9 F U( b, X5 p- uoperating band of 50 basis points for the overnight rate.' Y1 D, j! `0 L( ^
6 o! \/ W0 [8 g3 S! N) cThe global economic recovery is proceeding but is increasingly uneven across countries, with
8 a7 p. p. n. s$ s" Y2 u' kstrong momentum in emerging market economies, some consolidation of the recovery in the: Y' M' t& P* y
United States, Japan and other industrialized economies, and the possibility of renewed weakness
7 ?: M9 n4 n2 [0 o0 C' |4 [4 sin Europe. The required rebalancing of global growth has not yet materialized.
' \8 V3 S: R. E; `( h& G# m5 MIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- N% h4 z: d( X* f$ vstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ [( Q9 {" v I% D2 {2 wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
& N( t8 I6 S9 z X0 q$ f% k, }in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. K m7 q X! c+ ximportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( [, C: H/ K% n! n6 d
spillover into Canada from events in Europe has been limited to a modest fall in commodity
0 ^ o9 I# | y7 Hprices and some tightening of financial conditions.8 E3 n! X4 V) n$ z2 |3 T
# P6 x" B, T. S, VActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
8 j* F6 e' f% ~. Lin the first quarter, led by housing and consumer spending. Employment growth has resumed.
, w: V4 H7 I- G% u: o3 dGoing forward, household spending is expected to decelerate to a pace more consistent with
; Y: x# t( x2 U/ b0 wincome growth. The anticipated pickup in business investment will be important for a more5 c3 K! N* g: _% h. }
balanced recovery.9 ^0 |/ l6 Z! p4 G8 q
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects; a- j" I0 y* b2 t/ |- e* h4 ]
the combined influences of strong domestic demand, slowing wage growth, and overall excess8 A( {5 m) k2 x
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
# u7 V& z: s2 |+ Y: vto re-establish the normal functioning of the overnight market. This decision still leaves considerable
' \: z# K" C6 {* Rmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
, ]8 x0 Y3 ?4 W/ [1 W, [; isignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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9 ^% ^/ T2 s$ b5 d' B( C! J5 dGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary; F8 W: c! q8 E6 a& u8 t; C# E
stimulus would have to be weighed carefully against domestic and global economic
" @: j: h) H2 M( n: Wdevelopments.
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Information note:
1 `7 |6 X) ?) x; `3 \; |The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 p# J, Q! {5 a% D0 {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be& o" x! {( e& u7 E' w. F2 X
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！