 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' ]" {3 _7 W) ? k% I( h
2 P: i! a, @* b3 I- c" m
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
4 d$ ^% X1 m6 u! ^9 x/ q, I+ |rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly( b8 j8 R7 F' f6 ? }. v2 S: x
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
1 ?. W4 R+ x, C: ?operating band of 50 basis points for the overnight rate.: J! N5 h- Q; o
* {% K0 j! T2 `' q& z' h c
The global economic recovery is proceeding but is increasingly uneven across countries, with( P M1 m. | Y) _# A- i2 b# r
strong momentum in emerging market economies, some consolidation of the recovery in the
1 U& g; m5 v$ Q4 PUnited States, Japan and other industrialized economies, and the possibility of renewed weakness* n* Z& r! q1 r6 J" \% _# N' s
in Europe. The required rebalancing of global growth has not yet materialized.) y1 V9 U8 b0 C2 K) c
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 _2 r4 i7 I" D
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the7 \6 W5 ^5 @5 P* ?' ]
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: r1 m6 l' |- a- Q( Z" j
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an d' k' }0 g' A" ~5 x% @
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. C) \' P1 Y9 N7 G& X. h7 j+ `spillover into Canada from events in Europe has been limited to a modest fall in commodity- a0 ^" K6 J$ c# v& g$ e5 X6 H8 q8 {
prices and some tightening of financial conditions./ i f: ]1 s+ I' K, V
1 M t+ A- p/ w vActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent- d e0 f) c0 O. A' e6 C# b
in the first quarter, led by housing and consumer spending. Employment growth has resumed.. Q: g7 _) n: G$ M! O+ y
Going forward, household spending is expected to decelerate to a pace more consistent with9 @9 P2 d3 b5 W" d* j* Z3 A
income growth. The anticipated pickup in business investment will be important for a more
2 X1 D! ^4 S$ ~& ~# ?balanced recovery.& k2 H' Q5 }6 C! h9 m# e9 S: H
( @* y6 d; W- c
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects( ^ j4 k4 p# S
the combined influences of strong domestic demand, slowing wage growth, and overall excess
5 \+ l* S& |2 F- \2 }9 |3 P1 Z) ksupply.
" M" q; ~ W1 _/ h* S: L& C# k, K) Y
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and* k2 M' j: |' }. s1 y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable $ b8 M u0 S/ w" b
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 ?4 }; |/ Z- ksignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
6 h/ Q9 b( n' s3 U" }# j, [7 y0 n* q% `8 w; z+ J' g
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 `! y0 i) Z( _# rstimulus would have to be weighed carefully against domestic and global economic
6 m+ H( l7 W* Ldevelopments.
+ h! M z. M" s7 h+ R. e* H# N# I& r8 i2 y, W" I/ l/ {9 y
Information note:
' W, ]6 C. X7 j9 I1 \7 {! {The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. b& A' [+ |9 u. a
of the Bank's outlook for the economy and inflation, including risks to the projection, will be0 {( }+ L2 l: L: a1 T$ n6 D \
published 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！