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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+ B7 b. k7 X! m) z" Z9 q7 j+ D
5 d2 ~, O; z# ?& uOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 y3 V6 U7 n! C% f9 M e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, W5 o& |7 _; ?7 f3 {0 W$ F& w
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 G* W' @0 Z. y/ g6 S5 r: |: o- V
operating band of 50 basis points for the overnight rate.5 B* k3 g, \3 q5 b, F
( D6 X t& `2 q1 b% h) b# _
The global economic recovery is proceeding but is increasingly uneven across countries, with* J; J! V4 `; W3 Y# B* F
strong momentum in emerging market economies, some consolidation of the recovery in the
# U7 |7 J. h4 f, g; \United States, Japan and other industrialized economies, and the possibility of renewed weakness( m9 s% w- V9 x2 n: h- [, }
in Europe. The required rebalancing of global growth has not yet materialized.
# m; w: v, B' ?; I/ \6 f7 mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal( C: h4 W; j& s" h) [7 J, n( g0 ?
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
( n# {, e. F4 M: Y$ ?7 _variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; x0 l( h }" z, ~2 e
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an0 t8 r u5 H3 }) U, ~
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the% V8 i$ c/ z3 Y- e( B
spillover into Canada from events in Europe has been limited to a modest fall in commodity
3 }# u* J- M" O: Q) Oprices and some tightening of financial conditions.6 |7 x" K: J1 n' P6 e6 ^
" q4 j0 u5 }+ E( a0 sActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent B9 R) ~ x: @; z/ }2 H
in the first quarter, led by housing and consumer spending. Employment growth has resumed.! d3 d; j1 O/ y' t
Going forward, household spending is expected to decelerate to a pace more consistent with" U- F' |/ U+ T5 h4 r, ^6 f
income growth. The anticipated pickup in business investment will be important for a more
, V) \* Y: {( L- ebalanced recovery.* l5 x( y/ A1 l
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 M& T% I2 q. z. w. u8 ~1 u$ {the combined influences of strong domestic demand, slowing wage growth, and overall excess% d; \2 d! ^1 ]% d
supply.
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1 s& \6 `# n3 }: d" QIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
9 c5 M; T) c' R: Z1 Tto re-establish the normal functioning of the overnight market. This decision still leaves considerable
6 i+ w* q, |% E j. N, i& Y' Zmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
! G2 x- t9 g: zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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* |* R3 o2 }3 c# E$ i- r* J# y8 oGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary. j! O- `/ d$ _0 F
stimulus would have to be weighed carefully against domestic and global economic
3 s2 _# B% o0 _; z* Tdevelopments.
* ~8 n3 @9 j) j6 j- S8 |2 e4 t, o- I- s) ?1 \& `! t
Information note:( {' |; b( L% F9 D9 ]1 Y
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update+ y6 u0 N* Q. s1 m
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
1 V: R! P8 g. z3 d! |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！