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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight6 J5 g: e& r4 [( Z9 t: ?
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 A) P# P: G1 `$ i; z8 S+ ]8 h& S$ ~raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal3 G* _# I; n" L& A ?
operating band of 50 basis points for the overnight rate.
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# o! ]; E, z" _$ b1 YThe global economic recovery is proceeding but is increasingly uneven across countries, with! C( V. d2 Q8 T U# ^
strong momentum in emerging market economies, some consolidation of the recovery in the
+ i& t) P& z4 }( EUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
% M* K w0 ~: iin Europe. The required rebalancing of global growth has not yet materialized.3 j- g! \$ J- P& z* |
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: Y% ^, ?( P7 f9 r/ Tstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; a( }/ p- w2 K* a6 @( yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result) _2 v: R: A- i
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 x4 i1 y( V0 V* H4 R1 g
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the- i0 R+ a! Q/ R3 T0 e2 w
spillover into Canada from events in Europe has been limited to a modest fall in commodity; N7 ?" Q$ A* i
prices and some tightening of financial conditions. Z& c c$ @* V
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent0 ]8 C( y" s8 ]5 r5 l
in the first quarter, led by housing and consumer spending. Employment growth has resumed.7 I2 ~+ p/ @( _6 G9 W6 ]; | t
Going forward, household spending is expected to decelerate to a pace more consistent with
/ Z" d% ? f- N2 g+ V5 }income growth. The anticipated pickup in business investment will be important for a more
& ], k, F' s" S6 ]0 Kbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects5 k) o* c# K; n0 F) [8 E" n8 F
the combined influences of strong domestic demand, slowing wage growth, and overall excess
. d" [6 Q8 ~ S! _0 H/ K8 psupply.% X( K+ G6 [! p
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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
- d. E; S8 v8 D" |- _to re-establish the normal functioning of the overnight market. This decision still leaves considerable r( J7 q5 k9 H
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the , X% u$ i5 V5 j6 f) r
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.0 g; a* q: u% H* y+ P
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary5 j: L2 z* V9 s5 Y$ o q
stimulus would have to be weighed carefully against domestic and global economic
# C( D; `4 q/ a. h3 hdevelopments.7 h! J3 S9 I I- C# g. p: x, v
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Information note:
# W' i8 g/ ?2 S% f/ T @- B wThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, o: y9 C2 a U8 p5 L6 v/ eof the Bank's outlook for the economy and inflation, including risks to the projection, will be. N! T3 Q2 |2 G" H! a) @0 d
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！