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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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" ^( R" D" g- M H/ W l. f# w: EOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% T6 h8 l5 ~! e0 I
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
5 F6 Y# N/ N' p- W% k8 G0 x7 K# craised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 q5 v) S* p: O' ~: S( c
operating band of 50 basis points for the overnight rate.+ E( c/ U/ B* V$ s, M* {. p
. y9 B, E& u0 {3 |0 H# y- ^* ^The global economic recovery is proceeding but is increasingly uneven across countries, with9 e1 Z5 M* D7 u+ }1 E" a
strong momentum in emerging market economies, some consolidation of the recovery in the8 h$ O2 r. X% |& N+ Q
United States, Japan and other industrialized economies, and the possibility of renewed weakness0 ^5 M) i' r- S6 e+ e F- y
in Europe. The required rebalancing of global growth has not yet materialized.) J# U8 m" ?- b, x) h9 o4 U
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal: Y8 O, N. s; |1 g. D9 @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- q+ { ~9 |8 p7 \
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( n3 R0 `5 o3 i7 D/ g
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an3 @5 b8 o* o* ?
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the. K1 i x2 s" j
spillover into Canada from events in Europe has been limited to a modest fall in commodity
E$ H/ M1 W+ ~# W( D5 A5 N l* iprices and some tightening of financial conditions.! B% m; v# T8 R& n0 r, d
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent f0 a# ?( @3 G4 Z4 w: L$ J8 t
in the first quarter, led by housing and consumer spending. Employment growth has resumed.5 ]3 B3 P' j5 \+ W4 D- P
Going forward, household spending is expected to decelerate to a pace more consistent with+ f, @' a+ o. h" |/ v7 e
income growth. The anticipated pickup in business investment will be important for a more; q7 v, g# K! J! x/ @2 }
balanced recovery.2 G5 H( R6 h3 b6 K
# N8 K) L9 D$ H% H3 g, z/ r4 RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
- X: j8 b1 Y2 u; J4 m# w; vthe combined influences of strong domestic demand, slowing wage growth, and overall excess
. A: g3 d8 t# f8 w* j4 [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
$ P" r6 A! F6 [( G0 K* C3 P& \/ Eto re-establish the normal functioning of the overnight market. This decision still leaves considerable , [1 b+ U: K7 ^& ~, A" A. B
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : N3 u; f' S( H
significant 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
6 v7 E( V& H& I7 Q/ Fstimulus would have to be weighed carefully against domestic and global economic
& l; o; d7 g0 ]; a) R! e. P/ edevelopments.1 W; s, p, g6 Q' e6 }! O: {
; h# s6 ^" l5 J* V3 p0 M- aInformation note:
" `- F$ ~ B9 w! I( f1 ^1 _The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 N7 W l4 u* Y+ J3 }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 p2 W4 l0 R; J5 C8 ]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！
