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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 overnight1 K* f5 m3 O) j( r8 j. c
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
; Z5 ~3 r- [. O* `4 _4 O, ~4 M' V. Nraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal% r, ^: w) F* ]3 {
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
5 u. }& n$ i; u( {7 y( Ustrong momentum in emerging market economies, some consolidation of the recovery in the
K- J# A" y# y, jUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
; d2 R8 c6 i! f H4 w" Iin Europe. The required rebalancing of global growth has not yet materialized.
! c8 h* z$ _6 Q5 H: c: x1 WIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) r! d/ b6 I+ y5 N# J" {7 Y
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& V0 O6 |1 m* t! K( q- G" e m7 @8 }
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
3 M/ r2 y+ c% u" uin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
" {; M5 q8 m2 e% i& v6 rimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 y# z. v2 ?) s8 E
spillover into Canada from events in Europe has been limited to a modest fall in commodity
5 D. t5 O- f" {/ Eprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent+ T5 x' ]- M4 K) Z# y
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
' E. a$ d2 l. E) G; iGoing forward, household spending is expected to decelerate to a pace more consistent with
' t' \ _* g8 k* e3 `8 xincome growth. The anticipated pickup in business investment will be important for a more+ a* l: p' |. I% D3 J- Q
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
- b' d+ z1 q; O- pthe combined influences of strong domestic demand, slowing wage growth, and overall excess4 C# ^! h0 N. K: g+ e$ _- L) W$ E
supply.: H- X1 j( B7 ~' `* X5 {
; Y* U+ O2 x; d2 Q( e2 v+ w, DIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
4 Y Y1 X9 R: m' ], _9 u7 qto re-establish the normal functioning of the overnight market. This decision still leaves considerable 4 \( T' K; p' g) D, b% I+ n
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# d" l' S: I8 H' S1 Fsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) S7 P4 r8 ^* d7 c7 |
2 Y$ d$ B7 b8 i# jGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
* O) u( y3 | L1 X! tstimulus would have to be weighed carefully against domestic and global economic
3 V2 L& ~2 n4 e) Adevelopments. W3 s; S. w d7 x9 g
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Information note:' F2 m3 V6 R+ @4 m
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update* x% v$ S+ b3 p, T) F
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
/ K5 [8 e# j) [; G( o) F2 Ipublished 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！