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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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' D) t! ^3 t( G# LOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) c" p3 n& Q( C1 g
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly( T5 c/ S0 D) Q' i/ p! `; R8 M
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 @; i1 v5 ]7 P" y3 s) D
operating band of 50 basis points for the overnight rate.. |+ S( x/ |8 T, ^ f3 v. g
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The global economic recovery is proceeding but is increasingly uneven across countries, with3 d7 D% A. Z" ~9 {9 O- @
strong momentum in emerging market economies, some consolidation of the recovery in the8 N" o8 L) q2 F, ~, ^5 M
United States, Japan and other industrialized economies, and the possibility of renewed weakness) x' Z o# z0 n+ k
in Europe. The required rebalancing of global growth has not yet materialized.# m9 h" h0 n8 O) R1 X @
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal; X$ f8 a8 n9 b) ~
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
8 J8 C5 O; b, Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( |0 r! D# F6 D+ [3 A
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
6 R+ x) p; V' Ximportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& m0 T) [* r7 Yspillover into Canada from events in Europe has been limited to a modest fall in commodity! [: C( ?# o3 t% `5 j( y
prices and some tightening of financial conditions.
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. [& ^- @4 _2 V7 T+ p( a0 ZActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
3 q) A u' E8 Kin the first quarter, led by housing and consumer spending. Employment growth has resumed.
7 q9 ^. @" h. K! b; kGoing forward, household spending is expected to decelerate to a pace more consistent with
9 F0 s, R l& u- ^income growth. The anticipated pickup in business investment will be important for a more1 H9 R' s/ Y! q
balanced recovery.3 ]# ?5 P, ^# H& N$ w9 ]: M
. x" Z* @: s2 t' }: NCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ W) I& M0 o& @/ p$ Gthe combined influences of strong domestic demand, slowing wage growth, and overall excess: ~6 G& n& I, A( B5 W, l
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 ~0 l' I8 m( L, F- o- _/ m( J
to re-establish the normal functioning of the overnight market. This decision still leaves considerable * ^" ?4 E' M: ? W- C
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + f9 z* I+ I! F% F) S
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 U# v+ k- D+ p& O3 T
7 N2 ?$ J. x; B, LGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary# q [7 Z# O; M. u4 b& [
stimulus would have to be weighed carefully against domestic and global economic
6 ^1 n) g K: }1 @* ]developments.
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( }, q! s7 ^2 D9 {4 {6 CInformation note:
; R' f6 `) p1 p# r L6 V, AThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
: H- W, f# D/ h+ {" Uof the Bank's outlook for the economy and inflation, including risks to the projection, will be) g7 ^) V3 D8 T5 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！