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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+ g# L1 f8 v" ?* o* P. S' _
8 r7 O- ?- {9 c9 r2 w! {3 @+ |OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
: ^1 e6 h5 y7 n; o2 r" s4 d7 J' Drate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) L- N' i' U9 h' \1 ^+ e
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; ?+ K) r G2 _7 F, Y$ }4 Joperating band of 50 basis points for the overnight rate.
$ o; ?# `* \( H! d6 d; g q: v0 B! d& F0 t
The global economic recovery is proceeding but is increasingly uneven across countries, with
, g6 o K1 {9 N' Lstrong momentum in emerging market economies, some consolidation of the recovery in the" H" M# Q- j _3 T% P
United States, Japan and other industrialized economies, and the possibility of renewed weakness% }$ C( b2 {- V3 A" N
in Europe. The required rebalancing of global growth has not yet materialized.0 k! ^' Z2 q @6 C" ~
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 G, u3 h9 v! M& { J4 w# D
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
8 D8 o' y/ P7 ?& Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ r4 B5 D: C6 k+ ]. V
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ U {/ X( S0 F3 dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
$ {& q9 B5 F+ t' K3 S: Yspillover into Canada from events in Europe has been limited to a modest fall in commodity
* N. D: I x* H1 b+ vprices and some tightening of financial conditions.% l5 P9 p% S& A. |7 w* T) E
: F% w) K# @2 u- H) l/ zActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent+ K, I2 T; N$ ?& N/ p- L, {1 a
in the first quarter, led by housing and consumer spending. Employment growth has resumed.( {3 f% `1 e* v! g3 K
Going forward, household spending is expected to decelerate to a pace more consistent with
* h( |6 e4 x( i. s6 K$ o1 eincome growth. The anticipated pickup in business investment will be important for a more" k, X- t( ^6 a% W4 B, y. e
balanced recovery.3 G0 A Z; A ]% T1 w: F8 G6 Q
; U" r' {7 h9 R9 X. TCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects, U% E& F9 q# t {1 w/ o
the combined influences of strong domestic demand, slowing wage growth, and overall excess0 h, `. B2 }7 T) q G a3 B
supply.: R$ _5 o7 ?8 ?0 ^" G3 \
" G7 m. T2 |1 V( D0 Q* rIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
3 N% c/ A& U x1 z& Cto re-establish the normal functioning of the overnight market. This decision still leaves considerable ! p9 }2 h2 t+ o9 B- v+ O
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
7 R" n. _" I. w0 e: _7 Ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
( B0 C- Z5 | q/ v+ c" r: ]# s5 `( m
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
$ P5 @: Q; ^1 X. N% s; @% i4 ?6 Wstimulus would have to be weighed carefully against domestic and global economic3 `. k2 {0 x9 }6 K5 a1 j
developments.4 s* {9 M- n, K& y& v- Y d6 y
9 t6 L: l# C! |* f1 B; N I
Information note:8 |5 u2 }2 h+ }; E
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
8 b& O: [+ Y/ P# _- Y! e& \7 p' i% _; @of the Bank's outlook for the economy and inflation, including risks to the projection, will be
1 c0 L5 k" c; O& l9 X( h7 @2 fpublished 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！