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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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, n- }+ Y! e' x1 I& `; vOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
- { U# c! B$ @, {( t* Wrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# z- {, F! n( G
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal3 J( _) R! t" ~( r2 }! n4 z
operating band of 50 basis points for the overnight rate.% n; O+ ?! G% C% y* h
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The global economic recovery is proceeding but is increasingly uneven across countries, with
5 A& t) m0 i5 b3 T" C/ V* xstrong momentum in emerging market economies, some consolidation of the recovery in the
" [0 v" Q3 L$ [' y0 T2 O5 b ?. IUnited States, Japan and other industrialized economies, and the possibility of renewed weakness" ~/ X; `, ]. Z& m4 M
in Europe. The required rebalancing of global growth has not yet materialized.
+ t; P: S% X. K- J& d0 o2 Q# C9 L5 [In most advanced economies, the recovery remains heavily dependent on monetary and fiscal. ^5 ~9 B7 i( l( E9 B: {, N
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ g6 H8 ]9 l. b& t( `" pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" F; q% Y# B2 |6 u+ p
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an% e. p- G$ ^( \
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 @/ X" Y" U' T) |
spillover into Canada from events in Europe has been limited to a modest fall in commodity
, `0 X* c9 \# h# N1 ]prices and some tightening of financial conditions.
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1 b& q* T* b9 ^) k. G. ~" t9 GActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 v* M; P% S1 c# U' win the first quarter, led by housing and consumer spending. Employment growth has resumed.5 @4 {! C( y# N1 M% n' }! V6 \
Going forward, household spending is expected to decelerate to a pace more consistent with
5 V' B4 c) u' a C; ~income growth. The anticipated pickup in business investment will be important for a more
* s8 l* G7 A% Vbalanced recovery.. c( y1 A7 W, @/ c
0 E8 d* s. `( m& UCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 W6 D% ?2 d) R- r) p" F
the combined influences of strong domestic demand, slowing wage growth, and overall excess
# n& E, k9 e! x; fsupply.
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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
. `5 n+ Q8 S. _0 \0 xto re-establish the normal functioning of the overnight market. This decision still leaves considerable
- a: d& t: S! Cmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 5 w7 f X. l* X* m% }5 _
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
, x( J/ I! W" S; o/ ^) Gstimulus would have to be weighed carefully against domestic and global economic( @- I' p8 @! I
developments.! F0 W6 P1 ?* e, W
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Information note:% y e' I: v/ ~7 @0 _8 c U
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# p" E+ i3 H; }0 C+ p3 @( D# B: Jof the Bank's outlook for the economy and inflation, including risks to the projection, will be) Y. N6 R n/ V# ?2 ^ g# b
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！