 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
/ Q' `5 P" K5 H9 R$ H: x" X
4 |- l) o6 `& P* POTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
6 H2 d( m/ I2 M% |7 V; w9 vrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: Q/ X2 y* ^! F5 k# z- K! @raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( a( t/ |9 ^/ G4 Hoperating band of 50 basis points for the overnight rate.
1 N7 s9 x% o5 H
, ` o& C! ~/ n$ ^8 C O) ^The global economic recovery is proceeding but is increasingly uneven across countries, with
3 {9 h6 W% q# Z8 fstrong momentum in emerging market economies, some consolidation of the recovery in the
# H/ ~, S: a' X1 HUnited States, Japan and other industrialized economies, and the possibility of renewed weakness# m/ o/ a6 R- x9 W. \0 f9 Q7 ^$ Y
in Europe. The required rebalancing of global growth has not yet materialized.4 K$ |1 G1 w1 t( [; C
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal. |/ w9 y5 [/ a5 q9 B/ Z$ p
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the L' I5 O5 I4 C! g$ n+ o) h$ Z1 z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result3 f4 W) z% O0 f% ^% i% Z) f
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ s* Q' ~4 K' [4 |) }- l4 Yimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 J* S' b+ M- o/ H
spillover into Canada from events in Europe has been limited to a modest fall in commodity
; L" G. j& E1 a" d: b$ w2 Q7 sprices and some tightening of financial conditions.( s. E. K) |; k; H/ K% B+ c9 I
' V- ~2 z' _$ K+ i+ W7 sActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: z0 x* O) M; A9 u/ s, Gin the first quarter, led by housing and consumer spending. Employment growth has resumed.% D( q* d6 i2 {! A8 W, a& C2 y w
Going forward, household spending is expected to decelerate to a pace more consistent with9 C7 |/ Y# l( f1 L) q: P
income growth. The anticipated pickup in business investment will be important for a more
# \8 z' p8 L# q4 P+ ebalanced recovery.% e" o% k# g; m; C
2 X f' g2 c" {; l1 H9 dCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 m9 }0 k- x2 d: Y/ z( @8 u
the combined influences of strong domestic demand, slowing wage growth, and overall excess
/ O) v5 S I# W! ~supply.
6 M* d: J; ~4 ~+ _1 q5 c( W
1 s: p* M+ L& l- r8 U0 W* ZIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and+ b$ R. e! F. s: n* F
to re-establish the normal functioning of the overnight market. This decision still leaves considerable : ~1 C7 [# P9 o7 ~) I5 j* a
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
) k' Y+ ^' X9 s" B. v4 Ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.4 \; q0 ]6 i, u( b* d) Y- D2 u
3 ^3 c6 L* y7 w+ }# S4 p; i/ a
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary5 \- r+ `: S: Q- h! N
stimulus would have to be weighed carefully against domestic and global economic! q- z* f) e1 e! n
developments.
& o9 G( h6 {# p9 Y2 {# p
$ T# w9 \) O3 O* L( }Information note:
9 c! s" }( ]) z! SThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
. m |; I4 P. Q& Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be
" M0 {+ P: ~# l" Wpublished 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！