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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market3 }$ T8 b: A3 U% P0 n9 x
! w8 K# y1 C+ u5 _) V6 U. v, \5 t* l3 zOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
1 }0 e0 t9 N4 E; Q2 S; {! ]rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
* l5 M H4 D) _; G/ k" yraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
1 A: L0 l5 T$ L" Y8 q5 ?; g' toperating 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$ }# x; i6 G! B4 O2 H
strong momentum in emerging market economies, some consolidation of the recovery in the
' Y, z1 f3 [ o; g# L8 h$ Q" IUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
& F% _0 F; l# P0 @/ kin Europe. The required rebalancing of global growth has not yet materialized.
3 I& M, Z+ R. NIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ ^( }+ S) |. T) q" T
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. |( X9 j6 y& Pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ g3 p! T% d) p7 v+ N: L
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( M0 N h& F# V7 F: j8 O& }important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
( K6 ~' r+ c& p! b- z+ Z4 h" gspillover into Canada from events in Europe has been limited to a modest fall in commodity
" B/ _. H+ @8 a$ D9 B6 _prices and some tightening of financial conditions.
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5 ?2 K8 [/ S3 CActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 w) E' H) q' s/ ?' T5 K! bin the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ D2 \. c+ h* b- V7 Z7 ]Going forward, household spending is expected to decelerate to a pace more consistent with
4 c! G; S9 s) \income growth. The anticipated pickup in business investment will be important for a more
8 P/ J$ U$ P1 Z4 m+ Cbalanced recovery. a, a: A4 u! o
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& n( q4 J, V* {: Athe combined influences of strong domestic demand, slowing wage growth, and overall excess' F( }5 v. c5 I8 H a
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 B+ h$ v2 } K! e* ]+ P
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 [6 I3 J6 |4 c9 N, V4 Z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : \, V( U% `/ x# E$ P
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.! S& g) V% [: g( o$ `; ~. x$ {
0 ^' |4 R+ c3 R& Z0 ZGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary; @' Y9 Z/ C6 l( z
stimulus would have to be weighed carefully against domestic and global economic4 _2 ^4 W6 ^/ R. h: g% o# j/ p
developments.
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Information note:
+ b1 y) l, d( V q; DThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 |1 ` S" i! w# ~ `( X6 a, |& F) ]
of the Bank's outlook for the economy and inflation, including risks to the projection, will be+ |, D7 b5 n8 H) G% `1 j
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！