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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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+ t* |; C4 H1 O+ a5 A& j9 ^) b" b5 N6 LOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' U1 F/ E" N; O8 X. D9 e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
+ P4 d6 _1 o& I; q5 h' Uraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. O9 l/ ?% O! ioperating band of 50 basis points for the overnight rate.
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$ D. E+ Q0 `1 E( H# A- VThe global economic recovery is proceeding but is increasingly uneven across countries, with
0 t, c2 G8 P" H# E2 n! z8 Ystrong momentum in emerging market economies, some consolidation of the recovery in the: N- ]/ G( u$ w2 p% S
United States, Japan and other industrialized economies, and the possibility of renewed weakness. j2 K2 A0 I, X6 Y
in Europe. The required rebalancing of global growth has not yet materialized.
/ G( U) ?5 W9 M7 a; ] lIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" M; x$ _- [ ]stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) O; |+ g0 {" f6 m$ dvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, f2 t" r! S. Gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% `! B% y1 t& W9 w9 Kimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 J( U$ s4 D. q
spillover into Canada from events in Europe has been limited to a modest fall in commodity0 n0 C' h7 U, p) z2 F8 \0 ~
prices and some tightening of financial conditions.
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3 b- G* x# P/ H7 s0 mActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) U7 ?, }9 \$ J1 @in the first quarter, led by housing and consumer spending. Employment growth has resumed.
N' S m+ I& l) H( SGoing forward, household spending is expected to decelerate to a pace more consistent with
# T5 p! v6 }' O5 Yincome growth. The anticipated pickup in business investment will be important for a more$ y- P0 J/ }- \1 q) M& l/ B
balanced recovery.4 A+ D) E, k9 p D
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ x6 e; G: |: f! H# Q
the combined influences of strong domestic demand, slowing wage growth, and overall excess
2 P/ U$ Z! e X3 v# hsupply.8 M6 @: O+ y. `
* w0 I, e) z" x* ?. {" cIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
1 b$ n; C" ?( ]( h$ pto re-establish the normal functioning of the overnight market. This decision still leaves considerable
0 N7 z8 P* u/ h6 Lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
. e4 T4 B' s# L- e4 C6 |significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.! `9 P$ }) A; E, |" G0 i! E
9 M2 Y* ^2 m1 R# c1 yGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary: R S1 v! S0 ?6 Z
stimulus would have to be weighed carefully against domestic and global economic# ^6 Y' Z. h; Y+ ?5 h. D" s
developments.2 ?8 J# f7 |& k$ }# N7 Y1 _8 q$ w1 c
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Information note:/ K/ @. |3 `( a. R3 h( q0 Z( i4 X
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. g/ y/ E/ `( {" C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be2 @0 J. W% `# e* s( B" b
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！