 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
r8 g, C7 V& A n% _( Y( a* o
) \4 V, T$ \# |OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight5 U% B9 {6 F% k! s9 E8 d8 m! s8 f
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly- f1 o2 g3 @# x; c9 A
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 r% b( {$ U) _; O* hoperating band of 50 basis points for the overnight rate.# V6 H3 ~# P" B/ o
7 g2 i' [8 r2 w0 v% h/ ~0 AThe global economic recovery is proceeding but is increasingly uneven across countries, with
( ~+ d6 z) z! h2 Y* Mstrong momentum in emerging market economies, some consolidation of the recovery in the
3 \5 e& n$ V5 |6 Y% T& DUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
/ n# N9 b; ^5 T: i1 t. x: tin Europe. The required rebalancing of global growth has not yet materialized.9 N5 R n8 e$ C. P$ c3 a
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 r6 q9 Q! x* d- w% F
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the1 z g0 d& m: y B
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
; ^5 T6 g$ N) o3 Kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! w0 D! j& {4 i' @
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
" _- b) p8 D& [% u: _spillover into Canada from events in Europe has been limited to a modest fall in commodity4 P! t' E7 v' ?( j# x" Z
prices and some tightening of financial conditions. w) k3 [6 b7 u+ e
$ W, e1 l- v: E0 \- k1 p
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
0 a/ K) k" l8 Jin the first quarter, led by housing and consumer spending. Employment growth has resumed." Z% u$ F' R# V
Going forward, household spending is expected to decelerate to a pace more consistent with4 S4 e% I2 @2 [: Y
income growth. The anticipated pickup in business investment will be important for a more7 e z2 X$ W5 \' C
balanced recovery.3 j+ G p, o& `) Q2 [' |
, U* v" f6 ~8 f) h, n4 w, I: D
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
, f8 {: M- w, N$ i+ _5 Jthe combined influences of strong domestic demand, slowing wage growth, and overall excess# |6 E2 N- i' I! N2 m6 \
supply.3 J5 G( z9 }" R& A2 D
/ r# g5 L I. K# T+ cIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
/ j& w- I8 [6 a( I8 Uto re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 b7 ~- H8 v8 g& H* f. v- ~monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
r" J, s h2 B) A% Psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.6 e h5 _% f3 G3 L( [
* T* y6 L( [; n9 Y* D: ]Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
7 [7 M5 p$ R* ]% Wstimulus would have to be weighed carefully against domestic and global economic
/ b/ e7 |# n, U+ ]$ ldevelopments.% Y1 g3 G8 |) A& S) n6 g
6 _5 K9 c3 p9 H3 O7 ~+ G0 J# d
Information note:
) b3 G! U$ ]+ ~% R* G" |& GThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 ?( p" @2 \0 _$ r
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
- g3 Y) T5 ^' g8 T: D- M) X9 spublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！