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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market2 _, t o2 S! b# X
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
% n% O8 e2 v) ?; l- |rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) R* G: i( p: J( A+ |( ~
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 z/ i; Q- X5 \# B/ b
operating band of 50 basis points for the overnight rate.1 T0 l; N O3 g; s9 }: z3 R+ k
( d* g( o$ x& x8 [9 h' N7 mThe global economic recovery is proceeding but is increasingly uneven across countries, with
* l% }8 e% K; sstrong momentum in emerging market economies, some consolidation of the recovery in the# e- T7 I% d `: Q1 E
United States, Japan and other industrialized economies, and the possibility of renewed weakness2 c4 d+ }& ~2 N* L/ A3 W
in Europe. The required rebalancing of global growth has not yet materialized.5 j& \- P- a7 N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal1 c _7 [6 ^" K! v4 U
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
8 H9 G2 W/ W* I4 T' k/ F% S Avariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
: r+ j; e& l! jin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
* j( V5 Q O7 z' {+ X" yimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& [, [; c/ e7 d2 o' b/ W7 Hspillover into Canada from events in Europe has been limited to a modest fall in commodity1 N m: S* T. F$ Y+ z. _( x
prices and some tightening of financial conditions.
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* ]3 P. C3 z$ x, o$ T# eActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent% k8 `& F+ c. _
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
m, o( g4 T: nGoing forward, household spending is expected to decelerate to a pace more consistent with! L7 o0 F, v( q; D) H, Z$ M
income growth. The anticipated pickup in business investment will be important for a more! U7 J" E/ v) e, a' V. E
balanced recovery.
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9 ^; \9 m+ W I/ Q( uCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
3 I7 K; ^7 R. @/ m1 ~the combined influences of strong domestic demand, slowing wage growth, and overall excess
& N7 @+ u: Y5 q1 u, G: Zsupply.
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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 g/ F7 |+ A1 W" y# N6 @
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
, n4 G9 V, K2 Z; h* f9 t0 B9 zmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
- v% I" k ]" ~significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 ]0 S7 e, A& o& d. S& V0 Z
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 g& U7 ~+ e* T* p3 [! p( E; astimulus would have to be weighed carefully against domestic and global economic, T1 e5 | e4 k, n7 r- i {
developments.
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) B% f3 M% v0 {* }$ ?! CInformation note:
. k/ [, r- ]; q5 kThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ ?8 x8 t( l; U ]/ Yof the Bank's outlook for the economy and inflation, including risks to the projection, will be S; d" x0 h& {( t K k
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！