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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
7 K# R( y( D# b, C0 j) E: s( Y. Z# D2 }9 a% c# q9 Q3 M0 ~6 C
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
- [' I+ N; ^9 Irate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
; [( M; I" v/ R2 E( z6 l& g! uraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( D4 m |6 R8 D5 Woperating band of 50 basis points for the overnight rate.3 \' B6 m+ {* E5 _: h6 E
6 X5 B! @' z IThe global economic recovery is proceeding but is increasingly uneven across countries, with
! D9 J( g8 f4 M- l! c& astrong momentum in emerging market economies, some consolidation of the recovery in the6 p4 @" h/ {9 }$ {5 f b
United States, Japan and other industrialized economies, and the possibility of renewed weakness
; H" T& I8 Y1 p/ K/ ?; rin Europe. The required rebalancing of global growth has not yet materialized.
9 b3 S8 i( z* e. `9 f4 P5 mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 l* d3 F' A" {2 Ostimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& P/ i0 W* w. i+ ?" i
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result4 K' V4 P! J, y$ m5 \2 l4 d/ w
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ ]/ B1 x2 K6 T$ ~/ y
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the" K' |' a* B, ?2 O3 ]
spillover into Canada from events in Europe has been limited to a modest fall in commodity
# [9 y$ d; p; U" d& _) fprices and some tightening of financial conditions.
$ M; O8 `3 }. y, @) A0 t
4 U6 E/ v/ E1 o) K( r& oActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 p% ^& `' ^4 G7 A/ P# Xin the first quarter, led by housing and consumer spending. Employment growth has resumed.
; q" b Z. R6 _: Z" c/ NGoing forward, household spending is expected to decelerate to a pace more consistent with
' y) t! z# [0 c! s2 ^income growth. The anticipated pickup in business investment will be important for a more# G! Q. ?$ C$ a
balanced recovery.
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6 {! T+ z3 ^' u* k3 |' q9 s ^+ s+ }/ wCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% k+ B& ^3 r* x4 c4 o3 c
the combined influences of strong domestic demand, slowing wage growth, and overall excess+ z( Z+ n+ t5 Y: w8 u2 K7 J
supply.
* {( {# O& F" B2 e
' }) T3 [+ X& e, TIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and- A6 {- { _2 P, R
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 8 n1 {8 R& ^) J8 r) H/ p7 O8 t
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% o' J8 O1 o* x/ psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.$ z* J6 p- a5 w8 } a+ C
+ }3 ]$ ?* C* Q1 A }
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
* ?, F6 w% n4 J9 l* Z# jstimulus would have to be weighed carefully against domestic and global economic
# _8 o( a) K4 |! K) D, r$ V! ^5 \developments.7 h6 g' B3 ` a' j& W
& d5 o! o1 {- l( ?( {& O/ ~
Information note:: A+ X( ?/ w; @: @* j
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( n6 t4 {5 r/ D' k7 N# N7 k0 jof the Bank's outlook for the economy and inflation, including risks to the projection, will be
# k( D5 _' D9 u& i: J& o8 Npublished 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！
