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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% J! k* [; D" @4 e
, |$ J, j# O0 I4 K3 x# u& _' _+ P
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
; r! }& I; p1 m& ~, V3 Qrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly! W6 ^; q% Q# ]# y0 Y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal% f3 _0 N5 f6 ]! ~! o
operating band of 50 basis points for the overnight rate.8 F' [3 r4 G# O/ i+ A2 d' w
$ Z5 f* T: h" F
The global economic recovery is proceeding but is increasingly uneven across countries, with
5 y; F; n. |/ t; m' f: J3 Istrong momentum in emerging market economies, some consolidation of the recovery in the. f3 F+ F% M& g* M' ~/ ]* o
United States, Japan and other industrialized economies, and the possibility of renewed weakness5 ~; J9 m& [4 M$ M" }' k
in Europe. The required rebalancing of global growth has not yet materialized.$ K& q0 _3 R! S9 Z* ?, G1 T
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 E6 A5 ~) b. o k; k4 T4 Y1 ^* ^stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the4 t) r3 h6 j% L( p
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
$ F! R h! _) A+ ?& K) I, S0 Din higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 o+ x; w" j. S$ u; b$ c e
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' D" E: h8 M0 u/ O8 e7 cspillover into Canada from events in Europe has been limited to a modest fall in commodity
6 x9 [# n$ I Y( f5 M2 vprices and some tightening of financial conditions.
5 J8 T, R& N& W% g6 y3 F7 L, O( P/ j' Y: S1 o. r8 }
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent ^( y$ W" G% Q) Y. s& r% c
in the first quarter, led by housing and consumer spending. Employment growth has resumed.3 g. m5 ^) ~; A+ ^
Going forward, household spending is expected to decelerate to a pace more consistent with" G9 f Q* D% V6 p1 n, l' N; ~
income growth. The anticipated pickup in business investment will be important for a more
6 Q ]1 w ]1 n5 u) p( pbalanced recovery.- Z) B. b7 r' v2 r1 l* H7 |
" V" ^8 L, K5 g0 h5 pCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 C; l, [8 `. p' h. `! `8 tthe combined influences of strong domestic demand, slowing wage growth, and overall excess5 w9 c: O! c- b
supply.' Z/ w. q) H5 S. M/ }
: I% U W; V+ K3 IIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
x% t1 h7 o! j# Ato re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 w7 |: W7 E8 D9 X* P# F5 imonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # h3 Y; y2 A$ c( L
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.6 e4 s( z( M% y5 W* {
+ ]7 s6 w$ |2 t) ]Given the considerable uncertainty surrounding the outlook, any further reduction of monetary9 ]: z$ @8 R" o: V
stimulus would have to be weighed carefully against domestic and global economic
$ x( \6 ] }% L2 c# \developments.
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Information note:! ~1 }$ P+ ^4 n& S8 G& t* {8 p
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update# M) L7 R: @5 m! {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
5 r; V# Y6 ] k! k: \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！