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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ T5 l& M: k& v. r, f# t! ~rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% c6 @% M8 p: f7 Y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
]. i2 }' o* e& T. ~# loperating band of 50 basis points for the overnight rate./ q' M9 }5 |* Z% x5 V9 `
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The global economic recovery is proceeding but is increasingly uneven across countries, with1 K2 e* X0 S; O& X8 X4 r
strong momentum in emerging market economies, some consolidation of the recovery in the- B- j$ P8 x `; @% M) s+ F$ E; B& v
United States, Japan and other industrialized economies, and the possibility of renewed weakness4 ~9 S. e+ j4 s: F+ q K
in Europe. The required rebalancing of global growth has not yet materialized.
/ o4 I7 O. s2 w% |" C4 _/ _In most advanced economies, the recovery remains heavily dependent on monetary and fiscal, x3 G! F* w0 Y6 W$ ^! S1 `8 O
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; i1 H1 e; T1 L) I9 ivariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 b: u/ `0 ]6 C) z! x$ a0 T1 f
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! a+ u' f$ I- W X; H( H6 F9 m
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the+ f: x. `% i/ N5 L: j1 @7 b2 k
spillover into Canada from events in Europe has been limited to a modest fall in commodity
. s5 b% v3 m! S- d7 Aprices and some tightening of financial conditions.; l) K) {& W+ y1 |
% Z/ r) E$ c$ E3 a2 oActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
3 j; }$ h" L7 F0 O5 v- Jin the first quarter, led by housing and consumer spending. Employment growth has resumed.5 p( d8 J/ ~9 i' S: B5 n
Going forward, household spending is expected to decelerate to a pace more consistent with
! o' J: J; B7 D$ {/ r( E7 n9 Y+ U& E5 nincome growth. The anticipated pickup in business investment will be important for a more3 o6 v/ \: L: r8 ?
balanced recovery.
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' J# q9 L) K2 T U( Q) ~CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
( _, d' |( u6 Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess
, P( I& z5 M# e$ Ksupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
2 A: I" ]- l# ~9 y3 vto re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 g- ~/ j N, d% E5 d& i; Tmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
+ G0 v& B9 @ ~3 l3 ^: W! O2 |significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 i3 p% H( o" n
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
- L+ |/ d8 A# j3 Z" Estimulus would have to be weighed carefully against domestic and global economic
8 [9 L4 V/ d7 j8 r% adevelopments.1 B- u- [- T/ h& T- @' C. E/ p
) O' B' c d, N, k& e" oInformation note:
( N5 U1 A. g- Q+ N7 a) qThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 H% _+ q, w. M* u$ N) J% J2 Vof the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 }- \1 k3 R* q) ~5 G! d+ T5 Kpublished 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！