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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" V5 R2 O8 x8 ]3 t' |1 {
& u/ h7 B- N8 w- hOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight9 c( G) _2 o: A, p8 @3 y, a
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
& d3 O" M7 d1 H$ z- Q- @6 Z$ braised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 R" W; n6 i6 B; yoperating 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, with, r8 g; y" T; f3 h2 U
strong momentum in emerging market economies, some consolidation of the recovery in the
) `3 J; S1 l" oUnited States, Japan and other industrialized economies, and the possibility of renewed weakness- d j7 M( Q2 ~( c- Y4 E" p+ f
in Europe. The required rebalancing of global growth has not yet materialized.) ^& M- n* ?- l9 T1 B
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! x( V9 g. Y7 g& b0 Y
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: t" ]7 M. l% @, C/ I D/ [
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
3 ~# {& S: l# F% ^: jin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 k1 N% \# L4 {+ \5 X- u
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) V/ T/ M! y& T! K* Jspillover into Canada from events in Europe has been limited to a modest fall in commodity. K& ?6 H1 x M5 N. Q& Z0 e
prices and some tightening of financial conditions.4 n7 l5 m! T; u, c& ~+ C
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
3 u/ j( h3 } y+ cin the first quarter, led by housing and consumer spending. Employment growth has resumed.
* s* G- u' W5 d! i; t! Y$ NGoing forward, household spending is expected to decelerate to a pace more consistent with& J( u5 N1 n7 t9 T5 i4 W
income growth. The anticipated pickup in business investment will be important for a more
. K9 q, ^$ Z7 | Q- H4 i' U5 hbalanced recovery.* W$ ]+ ` G. L& w5 E" R
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- }0 p: o# a2 z5 w0 @0 R
the combined influences of strong domestic demand, slowing wage growth, and overall excess' ^- E( n4 M. Q2 H+ l1 u
supply.
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+ ?% v8 u' t, B" tIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and N6 T5 e4 @+ m, s- u
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ; [; I8 P! R4 G
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
. s- i, K+ Q7 r6 G% m' @6 Ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary- H; I' m8 h& E
stimulus would have to be weighed carefully against domestic and global economic
: |. R' }$ Y" Qdevelopments.
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Information note:
. V" g4 _! x+ E8 c, F& z; zThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
$ s5 J, L- z6 x6 ?- ^of the Bank's outlook for the economy and inflation, including risks to the projection, will be6 j7 e5 x, @) v7 J. m
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！