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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" k* T( V" F' l! z& s
+ F$ {" r" n, A1 C/ s$ YOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight. ?1 k2 O1 a: y0 B" ?3 @* L
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 E# @" D# t$ v5 V2 G, s* u, mraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 W6 U$ u7 {) M1 [
operating band of 50 basis points for the overnight rate.
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3 ]& @( v. t# P" m& PThe global economic recovery is proceeding but is increasingly uneven across countries, with
% e& z. e% \% [ n, N/ Astrong momentum in emerging market economies, some consolidation of the recovery in the
0 a* R# b }) @& `& s. QUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
* R1 }4 ~7 G! \7 hin Europe. The required rebalancing of global growth has not yet materialized.
, B+ f, S# h+ f7 \7 l" ]* pIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal' d$ _ Y( U0 t0 |
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
! `: t7 ?; ^1 r+ X' }. M- rvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, C# X3 K* U3 }1 [; ~in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
8 d9 Y4 P8 x2 `# s: Q- limportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 C1 p5 @8 e! t0 n
spillover into Canada from events in Europe has been limited to a modest fall in commodity
" G- s9 y' E4 m) Q2 d9 ~prices and some tightening of financial conditions.$ [- i9 i. \5 t' v" V0 g/ a! E
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent7 E. E- d+ O% R/ p" {9 W6 A
in the first quarter, led by housing and consumer spending. Employment growth has resumed.) |" X' h. G6 x9 o. E2 g
Going forward, household spending is expected to decelerate to a pace more consistent with! I- g( K+ T5 Z( ~ X5 ?* P
income growth. The anticipated pickup in business investment will be important for a more: K/ h; k, ~/ C: x6 L8 u& W5 \
balanced recovery." s7 P, I7 {3 I8 {4 q4 S
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
9 K( g. q9 f% ~; T7 v7 Rthe combined influences of strong domestic demand, slowing wage growth, and overall excess( c: J& f' c) g/ b
supply.7 U! B1 ]5 P6 u* s4 ?
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and3 W0 A: q9 W u0 Q: R `8 z
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % Q0 q3 x/ M+ Z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# h1 L/ a8 g( D' t5 m( psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) U% C1 p- N2 U" d7 Q4 `( ?, }" R
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary6 S" A x5 u: _/ x+ h+ \6 U+ R
stimulus would have to be weighed carefully against domestic and global economic5 Y" e; c* ]& W6 {
developments. Y2 ~# C0 c% L5 M4 z( X/ s
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Information note:
. p) U) {3 {; G' e5 pThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update: Z9 q3 ^& @, t
of the Bank's outlook for the economy and inflation, including risks to the projection, will be( k+ k7 G. O6 ~% B" U" |: f
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！