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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- Z5 o2 X9 G3 p2 N, c
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 o/ Y. e) h) a" P; X) Wraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal! {) P/ j5 I. v% e
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with1 s2 o+ h' B' w+ i# [
strong momentum in emerging market economies, some consolidation of the recovery in the
4 _" [3 m) n- D2 G: E2 |United States, Japan and other industrialized economies, and the possibility of renewed weakness
% h" V6 _2 L* q6 oin Europe. The required rebalancing of global growth has not yet materialized.1 T& ^2 h9 Z0 P0 a& b8 m# D
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ j: n1 x) M% \/ r. Q
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the* L9 ~! U9 Y! z; I1 A3 [
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result7 F. i. K0 L- t) p8 d1 A
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
; S. Z* f( t) {' b3 _/ G% Pimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) ~, k4 y; {7 C' P! R0 z% Ospillover into Canada from events in Europe has been limited to a modest fall in commodity
7 {) X/ ~" W; f h v n. b2 K% Tprices and some tightening of financial conditions.
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* E& q9 Y( W& x6 B9 }% q2 NActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
N) ^5 Y6 ~& b! Lin the first quarter, led by housing and consumer spending. Employment growth has resumed.' s& X- x+ [# s, |4 w
Going forward, household spending is expected to decelerate to a pace more consistent with
% P. k4 B8 Q8 I7 r' i8 gincome growth. The anticipated pickup in business investment will be important for a more% U% o& g# Z- C
balanced recovery.( R! R: o4 a7 M' J6 s( h8 J6 k6 j
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& c7 h; i" v$ ?! y K3 `the combined influences of strong domestic demand, slowing wage growth, and overall excess
$ c$ Q3 a; Y% A& G. o- I& Ssupply.: H- J0 ]# A& h- h s& W7 ~
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and1 Y. D* m: w. R# u, W) T X* h
to re-establish the normal functioning of the overnight market. This decision still leaves considerable \, E3 o% x9 e
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 [; m! i2 C9 o5 Y8 nsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# U! V. c# J$ C2 {+ P7 N
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary t$ h8 J; K; G( b3 K# @
stimulus would have to be weighed carefully against domestic and global economic
2 z5 f8 M8 e" Y; e( B; Rdevelopments.. W. R0 L4 O2 e: R# ^/ h ^) ?
8 r! k* I' Z1 [" S& V& rInformation note:
" s2 ]4 E% Y3 {The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ r/ j+ r' c- E6 b, _
of the Bank's outlook for the economy and inflation, including risks to the projection, will be9 Q" Z! ^( C* z! K3 x. U0 J
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！