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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 overnight5 F) T, J/ P1 y
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
) i# a0 A3 U' O. {' L yraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal* D) n/ t- }( i! _
operating band of 50 basis points for the overnight rate.
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7 U e- I; z1 z6 U3 PThe global economic recovery is proceeding but is increasingly uneven across countries, with
b/ d9 U9 E7 x' [/ k. U( j7 cstrong momentum in emerging market economies, some consolidation of the recovery in the3 j8 Y8 A2 t+ ?8 _
United States, Japan and other industrialized economies, and the possibility of renewed weakness5 f1 n5 T: I' f, ?' O
in Europe. The required rebalancing of global growth has not yet materialized.4 H( n# |0 `' p& C8 k) M+ z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal8 t6 G/ ~* @. l6 I+ U5 t6 m, z/ d
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the* z2 Y- M( o+ {. _& G
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
- ^3 g) R V! I: p5 u" T/ R* E7 gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 x2 `; i N6 U3 Himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 P; R2 T$ t$ Xspillover into Canada from events in Europe has been limited to a modest fall in commodity+ d, z, r2 J( U
prices and some tightening of financial conditions.# I8 F0 x" l7 @) H. L8 M
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; ^5 w1 n5 z8 g, j& Ein the first quarter, led by housing and consumer spending. Employment growth has resumed.
$ ^3 T) S2 [1 xGoing forward, household spending is expected to decelerate to a pace more consistent with
! H/ d5 n' y+ a/ k4 }, d/ W* Oincome growth. The anticipated pickup in business investment will be important for a more( T4 {* @ u5 [8 R# f) Q2 Z: Y4 j
balanced recovery.& x& c# x# \$ M4 r4 c$ u
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 r) B! O% k6 H, F7 ^$ E" p' dthe combined influences of strong domestic demand, slowing wage growth, and overall excess
- `- w5 g% N! ]( ^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
; s1 C; c4 W+ R. l- H& t Wto re-establish the normal functioning of the overnight market. This decision still leaves considerable $ J' x# B z( t9 `
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 p7 K( w5 s& L8 g) o& `: `significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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" e* J2 a: N/ C' z2 U7 }$ i9 H+ rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
6 ~) E+ j# A) Hstimulus would have to be weighed carefully against domestic and global economic1 Z9 L& |8 k' C+ r9 `
developments.
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& p8 P& G' r' XInformation note:! `& w- u- K3 @$ \& f( l. i
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( g6 |+ y$ r; ^. u3 fof the Bank's outlook for the economy and inflation, including risks to the projection, will be( x1 O, l2 n. n5 A
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！