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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( i3 }# j/ W& q1 m9 D7 W7 x
% S3 x; |- t& k) w( }OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ k4 O# u( {7 w- R3 y2 i8 {, Yrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! I4 p; n% C. u+ q& Traised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
}( p: S5 B& C, {6 Soperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
' j/ F6 y# R( M( u& p6 O, h: L+ b( Ustrong momentum in emerging market economies, some consolidation of the recovery in the
; C$ ^4 P- q* i2 I rUnited States, Japan and other industrialized economies, and the possibility of renewed weakness& R# r, D- m- P7 R. `7 H K* L. e w
in Europe. The required rebalancing of global growth has not yet materialized.
3 z j( K! ^# |& rIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
, G3 S1 n; _, ~. g# v' Astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the' B6 t2 z) S5 A3 E8 _7 \" @+ e
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
( |7 A5 W B$ ^( u; S/ |. \in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 U. \- e5 }! simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 r% ?: N. i/ _! u0 M9 G9 I
spillover into Canada from events in Europe has been limited to a modest fall in commodity
0 R, K- c7 C4 C* A4 p# ^: p, S8 G: vprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 x8 `) L( w: Z* m oin the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 Y+ D) c1 j6 k+ wGoing forward, household spending is expected to decelerate to a pace more consistent with) v" a4 g- |+ Z
income growth. The anticipated pickup in business investment will be important for a more' K- r) Y! Z5 J. s7 ~. L. O
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects: T6 q5 c% l+ ?5 b S% `$ J
the combined influences of strong domestic demand, slowing wage growth, and overall excess% a6 A$ c; T+ E! ^
supply.7 u6 E7 P" V9 s4 r# R3 [4 h
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 T4 ?" x+ u- m. y% i8 ]
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ( K9 s: n$ N+ J% ]6 F4 y! W
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - ?" ?, \& V0 s" M( T
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% f: ?1 G3 A; z1 z- M# i7 o: R
stimulus would have to be weighed carefully against domestic and global economic: |0 Z& v& N/ p( e. R: t
developments.( M6 a& s' A: |- O, Z
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Information note:
9 I6 f2 l, v0 P; q# R0 [The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ O" J6 N, r; o3 Aof the Bank's outlook for the economy and inflation, including risks to the projection, will be
6 G, m& v3 C* ?2 O" K* e1 \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！