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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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/ \# u# x$ m- s$ x' XOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, y5 I' N B- t! A
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# D- } U. P9 b" m7 D n% m
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
) n$ F+ d: } r( n9 Xoperating 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, with2 e# k7 {% G, H3 M! a4 M
strong momentum in emerging market economies, some consolidation of the recovery in the( I! r$ Y. K9 [0 u
United States, Japan and other industrialized economies, and the possibility of renewed weakness- T" x/ Q; M/ g! g
in Europe. The required rebalancing of global growth has not yet materialized.
4 F2 e2 E! C6 x5 ~& D: p! [" m) e5 @In most advanced economies, the recovery remains heavily dependent on monetary and fiscal' y% L- o, N0 s/ i
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
% d7 B4 p) ?; }& T* B3 }: Kvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 z* q0 ~) H" k2 M k( Lin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: n% G3 Z. B0 h9 l+ {, M
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- P6 Z- }$ o1 a; xspillover into Canada from events in Europe has been limited to a modest fall in commodity
& n: l# V) }' x/ Z! U, i$ y* Rprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent9 f7 h! k$ s+ |
in the first quarter, led by housing and consumer spending. Employment growth has resumed.9 _$ R% Q/ }+ v
Going forward, household spending is expected to decelerate to a pace more consistent with B' L# s! |! `
income growth. The anticipated pickup in business investment will be important for a more
8 O: l. w' H- j7 |2 a* V9 r8 ebalanced recovery.
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; L9 u- X2 Z4 u$ bCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
7 B& U l. @# M1 _ E- othe combined influences of strong domestic demand, slowing wage growth, and overall excess
" O+ n7 j R U$ Vsupply.
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9 n% ]$ G# T% T* SIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 A$ D7 r* u* S9 U1 Jto re-establish the normal functioning of the overnight market. This decision still leaves considerable
# c! \, K5 u1 n+ `* Gmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 3 ?; u. k8 d% V
significant 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
6 b }, H2 `3 e5 M2 B bstimulus would have to be weighed carefully against domestic and global economic
+ j+ ?% Z% ~0 ^/ O; Udevelopments.- O$ ~2 u/ t' a- B- N3 X+ C
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Information note:
; R) ~7 g( H/ k2 W" m- jThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 G6 Y0 \+ M# H3 N j( T
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
+ S0 y" P7 b, Q" K2 V$ T" Y5 V6 U: Vpublished 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！