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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! r9 c5 {$ p( ^5 E) Y u! [
2 i- j3 T2 v/ R) @3 f" _. O O3 |OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
' G+ N6 b# p9 x3 p, U9 z0 Q) Zrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 B7 |. p7 o) B2 mraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 |9 F: |; w6 h( P, a9 X( U; U. t
operating band of 50 basis points for the overnight rate.
5 W: s- K7 y7 k& R& P! y: z& `0 J. K7 f9 ~- U6 D+ M5 _
The global economic recovery is proceeding but is increasingly uneven across countries, with9 ?" u* G8 R) f/ u9 c5 d* W
strong momentum in emerging market economies, some consolidation of the recovery in the
$ ^7 [) c! }. z, m5 }United States, Japan and other industrialized economies, and the possibility of renewed weakness
9 n1 W. s9 M4 _; v7 Z" qin Europe. The required rebalancing of global growth has not yet materialized.
% E6 T4 L: _0 H3 l( {* aIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. I$ U( x' z2 v& d# l9 rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 W* C6 Q' e" `! O$ e, jvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" F- g# K) Q, B5 L6 hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an. o2 m" d9 p7 x
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
# y2 C8 [, v& n0 s/ rspillover into Canada from events in Europe has been limited to a modest fall in commodity( {( K+ I" L( s$ q/ N, s% z' y
prices and some tightening of financial conditions.
7 [6 [9 B$ f0 V4 r6 `1 [) p& C. U! a2 w# U' M/ @% M4 Z) r+ v
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent- j5 V9 X1 A4 [& Q9 i
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
3 D2 a" _; m$ s5 }1 q% yGoing forward, household spending is expected to decelerate to a pace more consistent with
9 r k) [/ R( @( Xincome growth. The anticipated pickup in business investment will be important for a more v" K' P8 @5 O: [
balanced recovery.1 q! ~7 }5 B1 Y" t k | r/ z6 j
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects2 d: ~- `1 c- t) P1 V
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 F" D6 p* o: h0 h# Z1 Msupply.
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2 f/ e* @( G- d% F3 x2 k' \In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
: M& u! J) {% T* c; ato re-establish the normal functioning of the overnight market. This decision still leaves considerable I s$ @1 R, D/ m2 i9 C
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
" x! G( I0 \. ?' X) E9 w4 l) k ysignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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* N* a- J$ D( l8 h4 W4 `7 ~Given the considerable uncertainty surrounding the outlook, any further reduction of monetary$ q9 D H K/ H# p. V- T
stimulus would have to be weighed carefully against domestic and global economic
& z4 t6 Z; ?9 z4 d/ s7 Mdevelopments.0 r6 l) L7 j3 m: J& {
: r, q) r' }3 w& I% r# i2 R$ ^Information note:5 M5 J# D5 L$ G) x f) D
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update, _( W) H* y1 }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. M7 t- a! r2 R [. b# Wpublished 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！