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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 overnight8 a& A( m2 ^: x
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 y: ]- M% `8 t/ G# Y5 M+ @
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 c( t9 l2 g1 M8 _% foperating band of 50 basis points for the overnight rate./ H o4 g" G+ x# ]
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The global economic recovery is proceeding but is increasingly uneven across countries, with* Y; y# Y! Q! s; f; s$ Z; V
strong momentum in emerging market economies, some consolidation of the recovery in the& r0 m. {3 b; O2 ], ~; L. S
United States, Japan and other industrialized economies, and the possibility of renewed weakness0 \6 r" P+ X$ y. v
in Europe. The required rebalancing of global growth has not yet materialized." p; b* B) U1 k4 ]
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 h! u# T. C4 e# \: c& V) Bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 y# ^ r( m [3 B1 i! h( qvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result! }+ K' a. g7 |# K ~
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 r, r0 p0 l' Y( W; g4 Dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 |# O2 w3 P; J6 i8 W
spillover into Canada from events in Europe has been limited to a modest fall in commodity
+ O8 B3 y1 O/ t6 N4 E. v& xprices and some tightening of financial conditions." k4 T+ V4 }* e/ v' m4 M5 w1 A
1 m0 Q+ L/ ?$ _/ f4 ^3 ~Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: n% ?( g$ ~- G2 _in the first quarter, led by housing and consumer spending. Employment growth has resumed./ E+ @, h' c N; } e
Going forward, household spending is expected to decelerate to a pace more consistent with
! I9 m& L$ w ]0 P, Fincome growth. The anticipated pickup in business investment will be important for a more
0 U x; G3 E& r# w: hbalanced recovery.+ x$ L$ R3 m, _$ h$ U0 \. d" i
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 {& y t* D, K/ w1 @
the combined influences of strong domestic demand, slowing wage growth, and overall excess
' _+ k* v1 y, b/ Ysupply.
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. ]8 g$ N! [; @$ UIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and# ~, ?5 Y6 P5 s2 z# y6 i
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 0 ?' x C2 L9 j
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the * J0 q {( }% w }
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* ^: G V: J, u$ K; Q1 U# o1 b. X" X
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary' v! u$ g& u2 c; h
stimulus would have to be weighed carefully against domestic and global economic
" W5 E$ h# a- ^% S8 ]4 }2 Jdevelopments.
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/ ~2 `; \9 _2 d% dInformation note:- c. H* r, l' n! l4 ^/ j% w
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 f& h- u+ k6 p6 X! [& |6 \of the Bank's outlook for the economy and inflation, including risks to the projection, will be
& w3 m* \" N/ \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！
