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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 h4 e! g# M1 |6 \
; s3 T& k" h8 y8 i4 N% mOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight; J8 z: R4 ]% N6 v% q) z* ]
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 R/ @6 n3 V% t, V' jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
{6 c. x6 ^4 n* q. ?operating band of 50 basis points for the overnight rate./ K4 \) M! A+ h3 r$ h
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The global economic recovery is proceeding but is increasingly uneven across countries, with
! R" O$ a" T. _, ~+ B& tstrong momentum in emerging market economies, some consolidation of the recovery in the* c5 T2 a; d T: m& ^6 N
United States, Japan and other industrialized economies, and the possibility of renewed weakness) M! g4 ^ \; Q% G
in Europe. The required rebalancing of global growth has not yet materialized.. t) s# A, v3 S% } H8 C* M7 f6 E
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal* I3 S7 ], W! H4 |
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 z: L* U1 r* ?6 t
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result$ z6 Y J1 g" s& `7 d
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& a( f2 @4 P# H, U
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% ] m( `/ S6 n2 P% F; @spillover into Canada from events in Europe has been limited to a modest fall in commodity! ^' O# o0 D& |, q6 `! w
prices and some tightening of financial conditions.8 \. V' [* H5 K) Z- q* Y
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
' {4 A' u6 Z" s* [( ~5 hin the first quarter, led by housing and consumer spending. Employment growth has resumed.
$ Y) Z) m* l! P6 TGoing forward, household spending is expected to decelerate to a pace more consistent with# Q- f+ e7 o# n
income growth. The anticipated pickup in business investment will be important for a more
! ~9 O5 O' _2 T2 J d: bbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- J( e# }7 Z- C8 C3 ]0 y& H3 d
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 ^) q! n" m) o$ \* u X+ nsupply.
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+ z6 Q2 J C. P6 y0 T6 SIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and" {& A* G& v2 l. ?; v+ y+ [
to re-establish the normal functioning of the overnight market. This decision still leaves considerable , t6 ?* k: c1 R
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 7 Z# l3 j9 G+ U# F7 t% P: F
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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+ O4 D: @3 ?1 [) ~3 K! AGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary1 T. }9 \7 F" m/ F: M# a( c
stimulus would have to be weighed carefully against domestic and global economic6 `$ g% {6 R+ [/ X
developments.( A$ T* C' O' s" y# q3 t$ j- o( [& m
& \; G0 j9 e% FInformation note:: P2 w: i- W, @4 \5 p
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ g: W0 C: C7 B' C& E0 w
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. P: y% O4 m$ {% [; \( J) Y6 B3 Gpublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！