 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market Y. H2 G, F+ V Y" i6 D- k
, h) ^" T: s* u6 p4 ^2 D
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
2 C) [" v9 h2 r# [' z- U! w+ d4 |rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly b9 ], j- }/ f6 X5 Q( z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 j" ^ c9 _. {- l9 Coperating band of 50 basis points for the overnight rate.
- Y$ p" r1 u/ N2 X5 k; I5 g: m
( |' p6 ~4 o A8 R. [1 p8 N* vThe global economic recovery is proceeding but is increasingly uneven across countries, with+ Y1 K- h# W; [& M/ i9 ~# w
strong momentum in emerging market economies, some consolidation of the recovery in the& ?+ H9 P6 L8 t$ v' u2 p% c' }0 `
United States, Japan and other industrialized economies, and the possibility of renewed weakness
! _& W8 Q+ o6 }9 J, zin Europe. The required rebalancing of global growth has not yet materialized.
' b$ M, {3 Y' gIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& T+ o' O9 {) Z* l( @stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the6 c& ]5 w9 a# m6 e: j! _% Z3 I# T! m
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! l3 Y5 \- f5 ~# |. {in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: z3 i R: W' r: _! J
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the& C# L5 `3 p+ \9 R! L
spillover into Canada from events in Europe has been limited to a modest fall in commodity
7 [5 Y% f- i$ K' m: E* g1 Tprices and some tightening of financial conditions.
& ]! o) y1 r7 ]% X: t+ y4 t+ n; A- Y, c) B; Q/ ^
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
O. J8 y0 p6 F+ Nin the first quarter, led by housing and consumer spending. Employment growth has resumed.
3 M4 i& ~" z& x9 b, V! NGoing forward, household spending is expected to decelerate to a pace more consistent with [+ B2 ~6 w2 } o. u' b3 A- i
income growth. The anticipated pickup in business investment will be important for a more- b# E- W5 k& s0 {. s' J* N
balanced recovery.
/ u3 o! `7 o* k( j
& h5 D5 X- h7 m& e& A$ kCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
( x; q- }: q" V# Bthe combined influences of strong domestic demand, slowing wage growth, and overall excess Q. H$ @6 X7 c5 R9 w$ D
supply.
' c9 o) a% K: R+ \, a2 Z2 V; u/ g5 ^! F
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! T( g+ d# |- S
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
% k1 U7 M5 M4 Fmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 r3 A8 R& |$ D- J* z7 J4 E! }2 ?significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# r/ i( b' g9 I& A7 L( Y6 z! H
1 ]+ G; V+ P5 r. ?+ p) y1 w. uGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary b' N6 _1 M# Z& u* {) I8 m1 M% Y
stimulus would have to be weighed carefully against domestic and global economic% A2 `3 n' y3 X" X& [0 \/ }- `/ N1 ~! a
developments.
; ?1 h. }3 j4 D9 h, w4 H: w. m4 H
" t5 a* e' @% p8 w* d2 b' B8 J. N% ZInformation note:
% |* ]1 n0 e. v; g0 S9 d/ `The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 A& m/ k' A, g
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
* a) P* C z2 h& ^ L Kpublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！