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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$ R4 g0 @& a3 N \- t; ?
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
" W) u* B2 O h! w9 Q3 N5 Trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, y) A) n) I4 a5 \' e& K
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
' v, k0 Q% h: f6 Voperating band of 50 basis points for the overnight rate.
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o, p' j) D, Q6 d+ jThe global economic recovery is proceeding but is increasingly uneven across countries, with- Q, v# U/ @- n+ b% U: k, [: D
strong momentum in emerging market economies, some consolidation of the recovery in the! v1 W0 s6 |5 a- Q k" `
United States, Japan and other industrialized economies, and the possibility of renewed weakness
: W# ~6 @) E/ m9 Y5 R. fin Europe. The required rebalancing of global growth has not yet materialized.
4 _+ M+ E t; S6 @# v, sIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# u9 n- ~/ h/ ]1 ^0 s6 Istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
# v( h5 X) o3 }3 U+ P y7 r' hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" h* _6 n5 k. M
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 z; M1 E, W8 z, D Q
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the; g% h: J( k3 J& B7 M2 A; E
spillover into Canada from events in Europe has been limited to a modest fall in commodity
$ Q$ d2 b+ ^5 h6 \$ l& fprices and some tightening of financial conditions.) i: B& R6 {" Z+ v6 J7 @0 X! o# C
' F A z' A. o( QActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
8 g/ }, s# ~/ z+ ?3 c; O; fin the first quarter, led by housing and consumer spending. Employment growth has resumed.
5 ?; ^; J: n* J4 a' uGoing forward, household spending is expected to decelerate to a pace more consistent with
* O, L% B: w7 u. Wincome growth. The anticipated pickup in business investment will be important for a more, W8 L+ |' ?$ u, ^9 o/ J
balanced recovery.0 c e4 S$ ~4 v# b% ?
% D3 ^- B2 Y7 t! x$ g% S
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
~0 A( s0 J6 D+ m9 _: e3 Z, Vthe combined influences of strong domestic demand, slowing wage growth, and overall excess% O4 l7 E0 P0 E7 w7 e" L0 V+ a
supply.4 d) X# C8 O8 S; Q
5 Z8 n1 Q: u& f Y' n8 cIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and+ s3 F2 }& u2 K# g3 [3 P
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 V) w G, s8 N3 X2 Ymonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
- T8 a- o! h0 ^3 N4 S- Z, S2 msignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.6 r* B/ z' g9 z- r9 ^, l6 ]" E! F' a
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
5 ?% e6 K) b4 ?9 Kstimulus would have to be weighed carefully against domestic and global economic; R9 R. e; J) D1 k' a
developments.; S/ b5 q) }& P. X. z
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Information note:
_) d T: T" l8 l2 |The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 V4 {5 O4 J' h
of the Bank's outlook for the economy and inflation, including risks to the projection, will be' e1 J+ I5 {: T& 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！