 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
; ?7 Y5 M* L$ ]
6 Z( E2 G e; ~OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ H7 D# ~& V! M( r) ]; X; D8 Mrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly H8 u$ ?. K% p! V+ q4 A
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 P; Z- ^* L+ |* xoperating band of 50 basis points for the overnight rate., O+ C! h' }! Q; b1 G9 b g( l: M
) \1 `: y. T; t9 }) q |3 eThe global economic recovery is proceeding but is increasingly uneven across countries, with
! t9 z) P& G* U6 U, Pstrong momentum in emerging market economies, some consolidation of the recovery in the# k1 Z* `0 G6 O+ I
United States, Japan and other industrialized economies, and the possibility of renewed weakness
1 l: |# g( r5 E3 F; n( din Europe. The required rebalancing of global growth has not yet materialized.
$ }" Q$ V: H2 K4 p9 ?( e; mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal, d/ l: g6 U4 M* {2 X
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ I+ ?6 y! Y# |0 U
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
* Q1 j- s- |/ W2 F2 F5 Kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& }% X* O) ~; A0 I/ m
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' N0 o9 I4 t# X2 Y2 g$ tspillover into Canada from events in Europe has been limited to a modest fall in commodity4 C' h6 ? V( i% G) W2 m
prices and some tightening of financial conditions.7 b& j% O- E U' S# L
2 u/ w4 b$ s* e# W4 HActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent' @+ A5 A, f" p; i
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
9 @( [$ V3 E' i2 jGoing forward, household spending is expected to decelerate to a pace more consistent with& i, u7 y% Z# v9 S8 h, M* f9 B
income growth. The anticipated pickup in business investment will be important for a more: p4 W: X9 [6 O
balanced recovery.
' _, N) Y% _" v6 q# @, p$ H* S6 Q+ }& H( E# P0 ~/ o4 x* W" L
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects3 n0 ]+ M; o' a: x' p' R
the combined influences of strong domestic demand, slowing wage growth, and overall excess
& a* {# d/ x% Z/ [$ Vsupply.9 H. g5 A- G# ^( w4 D, e. t7 j
. P) Q: t; O g3 lIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and& u: d8 w3 X: X% M* n! d
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
6 h/ v% M& |% Q1 V+ W$ d% s) e7 N% Omonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 }0 I/ N0 V% tsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
- y! S R3 @) z& s0 H$ U$ r6 B3 M( O b
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary; J; q& ~2 v! i- ]3 B
stimulus would have to be weighed carefully against domestic and global economic
3 {& q: T. p2 Y3 S0 }developments.% {* _+ `! W; B
8 \$ K, {" G2 @) `6 {
Information note:% K& p; K( g$ a, s! L0 B5 |& _
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
) s: e0 Z2 b1 [& J5 ^of the Bank's outlook for the economy and inflation, including risks to the projection, will be* Y6 H4 j/ \, w* v5 k3 r" `4 ~
published 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！