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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 j! m& p$ V! L3 `5 |! Y& Q
( b% }) d( p% UOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight4 G J& {7 X5 q; g& j% P1 n( k: G
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
+ T" [5 N3 I; @1 N- f# `% G0 D6 Kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 ^& Q& X7 i o% O$ Qoperating band of 50 basis points for the overnight rate.
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* a' f8 C, M1 I- OThe global economic recovery is proceeding but is increasingly uneven across countries, with
! J. [1 Z0 l& d. Q0 Vstrong momentum in emerging market economies, some consolidation of the recovery in the
, B! L0 |# A8 }; k7 r b0 vUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
7 h; a1 k: W6 R5 L) |2 n" Jin Europe. The required rebalancing of global growth has not yet materialized.
! o4 Y6 o3 }& K! u1 w( N y0 c( O& _In most advanced economies, the recovery remains heavily dependent on monetary and fiscal% T/ e- j+ f A" k0 s1 C* J
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the. W1 d# D! d2 [: Y& x
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
F O; k! g+ W+ p. j: F9 zin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 d* e$ B2 I, g. i6 R1 himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 J! ^ J+ y' t, x+ |' O& g \spillover into Canada from events in Europe has been limited to a modest fall in commodity( v3 s9 i8 b* f) |$ Q$ G3 t1 P" y
prices 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
/ C, m0 p3 U& P) i9 zin the first quarter, led by housing and consumer spending. Employment growth has resumed.
$ L9 d* i8 U+ O9 z0 e+ mGoing forward, household spending is expected to decelerate to a pace more consistent with+ q& A. V9 A1 K' J# q# |6 R4 b
income growth. The anticipated pickup in business investment will be important for a more
6 M3 E% w" E3 b' [7 u rbalanced recovery.
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# [2 ~3 ^/ l4 T8 d5 e. N" U4 S! aCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
) k( Z/ P; B" p- jthe combined influences of strong domestic demand, slowing wage growth, and overall excess
* U T( T. D6 s0 r: N6 P$ _5 L Lsupply.
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5 l: R' Q& Y/ Q- OIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
; S* I; _/ Z6 o) O: \) }; }$ V! hto re-establish the normal functioning of the overnight market. This decision still leaves considerable 0 m3 S2 r7 o, g* p) l w2 Y
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; y4 {% p( ~( O2 j
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.4 C' Q" t# T2 W; m) C" b
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 i& f* U7 o8 z/ c0 y; Wstimulus would have to be weighed carefully against domestic and global economic
' I) f. S+ t" |6 I$ J. qdevelopments.9 F1 ^4 n! s0 o0 b' `
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Information note:, _. r$ ]- F, m& M4 n3 o
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 d% u& M5 R1 q' n# x* S
of the Bank's outlook for the economy and inflation, including risks to the projection, will be. S1 w5 X( I3 T# }1 L. 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！