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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 L2 D! G5 G) C. A8 T
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight. i6 {( h9 g* [/ K( T# y9 b
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
. E+ Y% }! `3 W+ V, }& Draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 a" }% C- E6 y1 P7 k- I- K
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with6 E5 m' n; m# }
strong momentum in emerging market economies, some consolidation of the recovery in the
7 D8 m. c' \- @: \& |United States, Japan and other industrialized economies, and the possibility of renewed weakness! Z" q# _) ?7 A; f l
in Europe. The required rebalancing of global growth has not yet materialized.
4 O" F6 i8 f0 L8 hIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
% D7 _* m0 o5 n- [: `! Vstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
- f3 a* L) q9 evariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
; j& m2 F: g. _) P" v2 Din higher borrowing costs and more rapid tightening of fiscal policy in some countries - an) p) u! W) Q0 B) H
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the" S& S1 @6 ]9 @; X0 ]% ^7 @8 w
spillover into Canada from events in Europe has been limited to a modest fall in commodity
4 U3 g) H& r, a) _prices and some tightening of financial conditions.& _1 C$ v+ z7 E+ X: c; y
# ]( B0 |: H. P0 W3 e( JActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ \( Y; g8 v, t, b/ J
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
6 @+ G3 p: A8 Q, A P1 ZGoing forward, household spending is expected to decelerate to a pace more consistent with
4 l$ U: h2 s7 T2 S& ?' n/ I+ i* P) bincome growth. The anticipated pickup in business investment will be important for a more' J2 F+ k/ ^0 u" i5 q& d
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
) X( o p y; d$ p% pthe combined influences of strong domestic demand, slowing wage growth, and overall excess
8 Z2 |& Q9 q+ L1 `, k( [: ^supply.( Q8 X! m! m7 R; r; b" b
6 O6 T3 B. k& LIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and+ V. _/ ]5 c0 Q0 |0 p& r
to re-establish the normal functioning of the overnight market. This decision still leaves considerable - f5 T c4 x0 F v9 M
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
o8 u1 Q! k6 Ksignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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8 k4 M1 ~$ \- m: U* lGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary6 ?, H$ t: a5 U& F& y! X6 @
stimulus would have to be weighed carefully against domestic and global economic7 ?' X' j0 E( K; E0 ^* I
developments.# X' W5 D1 F9 p" `
/ l/ ~$ P" X8 z/ PInformation note:
$ g: c- u. J1 g' L- aThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! I/ o9 a9 k2 _5 W8 N
of the Bank's outlook for the economy and inflation, including risks to the projection, will be& q) |3 n, a y9 j
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！