 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
& G; h) }& q+ \: t" P. |5 x
! y. a# j/ i% z# FOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% u, X+ j0 P3 h) d& Y
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly0 A# L t" `; x7 Q3 l; z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
/ @ j& y# E+ z% {operating band of 50 basis points for the overnight rate.9 f. E- S9 E( B% d: _( e" u/ B
# i* O! Z. r, G. X, }
The global economic recovery is proceeding but is increasingly uneven across countries, with
- A& U# Y6 P: j6 hstrong momentum in emerging market economies, some consolidation of the recovery in the/ {6 _. s3 y6 ~+ t! J* y; }) I
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 u2 B2 [" |% d
in Europe. The required rebalancing of global growth has not yet materialized.
, o+ B! n7 a# R* m' W5 r4 xIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 a2 I- G4 \- T/ e9 e* \4 sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" c. P9 R7 }5 U! N
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" j B+ H: e/ e1 A: K# A6 @0 O' uin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
- x1 v7 d( i! K0 n, O- dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
! C$ |) t- h" Bspillover into Canada from events in Europe has been limited to a modest fall in commodity
T+ v6 o0 x) X- ^9 N5 Eprices and some tightening of financial conditions.0 c; k# d% d- C2 V7 Q4 \
. c% O0 C7 V V$ w) k, E9 Q3 o: m+ B
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent* X8 E7 r/ K$ k+ _ R
in the first quarter, led by housing and consumer spending. Employment growth has resumed.2 \& ?/ W/ B9 K8 Q' }
Going forward, household spending is expected to decelerate to a pace more consistent with
! T5 r3 h9 Q: B( F3 O, x- p' {income growth. The anticipated pickup in business investment will be important for a more; d' x5 _1 B4 k/ t: y. z
balanced recovery." y5 o+ @6 L6 U( z3 e
; ~0 F5 i0 Q: w' k$ o& c, e- fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" x; z* m5 g6 C0 u$ o; z" }8 G2 Vthe combined influences of strong domestic demand, slowing wage growth, and overall excess/ e$ R% q8 I4 S- v7 Y$ T
supply.- e/ z$ d' ?3 c7 D9 m& u
d( L0 _+ y5 z) b0 nIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and" |8 S/ e( c b# [7 E9 P$ `
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 K& ]- G0 X6 {! A- J7 }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
! I5 I. H; S( fsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
/ p# K" I- H1 ?$ W# T0 Q1 i' [; G; `$ W4 g1 h' s/ _
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary' e$ \( f1 _7 D( ]
stimulus would have to be weighed carefully against domestic and global economic5 B6 P7 P1 ~) u& t& q: p
developments.0 h1 E! g- Y' v8 i3 x
4 m3 J% d% I7 S, ]; R" l
Information note:
) _ ~1 H `9 V5 o, n9 eThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& b2 A% h X. o5 w
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
# v: ]$ n; \ c! C; Xpublished 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！