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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! T$ l2 D2 n d- [2 t3 |$ k
7 m" O& ^- g9 o6 }! E0 B
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 e t: O- c+ ?3 v
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, ]9 X" z! @3 b! kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& Y! h0 I+ q5 W7 Goperating band of 50 basis points for the overnight rate.
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) n- B8 l. N' _" L' }The global economic recovery is proceeding but is increasingly uneven across countries, with
. l8 ]% v& I/ }: C# J/ Ystrong momentum in emerging market economies, some consolidation of the recovery in the
+ Z" L8 G3 h/ g7 @" ^United States, Japan and other industrialized economies, and the possibility of renewed weakness0 M# {+ A- o4 g- @' _0 N
in Europe. The required rebalancing of global growth has not yet materialized.4 q8 P: a& j' E0 x
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# a. U; _8 J" Vstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, ~: u6 n6 Q. F; S& ]' x: y9 Pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
) ~) D$ o% C. J, J5 Vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 R2 i( N; d5 W) s% @
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- O o: u9 f2 t% l8 cspillover into Canada from events in Europe has been limited to a modest fall in commodity
/ c) G. W* `. n8 Dprices and some tightening of financial conditions.- E' K8 s3 S) h4 b7 S! d
g- D1 P) j; I- C1 a1 C8 F" JActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
0 X7 _$ Z) G: B9 k* t' ?3 B' Din the first quarter, led by housing and consumer spending. Employment growth has resumed.8 b% W) ?1 ~* m
Going forward, household spending is expected to decelerate to a pace more consistent with" |1 g( D+ w; B- S& B
income growth. The anticipated pickup in business investment will be important for a more
8 F2 G/ D% _) fbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects& B. g0 {% o% v6 ^7 G8 z3 U
the combined influences of strong domestic demand, slowing wage growth, and overall excess( b& r, }* c# ?
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
! L2 L& A; p' g2 C! Q, K Sto re-establish the normal functioning of the overnight market. This decision still leaves considerable
% R8 H1 Y) `, umonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% V% y" n* | Z% [significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
9 D" u0 p, C* W, F) d k9 Z8 ~" `
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
) a! M/ k) w: o. e0 p7 zstimulus would have to be weighed carefully against domestic and global economic
% M4 R+ [6 q3 f6 H0 \: Odevelopments.
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Information note:6 w3 J6 i( Z! F$ a% c
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
: ^4 y( T$ D7 |9 Eof the Bank's outlook for the economy and inflation, including risks to the projection, will be& G k9 k L& o: L
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！