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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 overnight
- t+ f' P% q# q& A& ^. j4 Nrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
' {1 a1 C0 p! w3 z, d* Z9 s7 J* graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
" f# g6 _) Z1 X8 s; L I- C% O& Coperating band of 50 basis points for the overnight rate.) F/ s# q* G6 m4 \
0 D1 H1 Q. m* X! c6 a% }- n# gThe global economic recovery is proceeding but is increasingly uneven across countries, with" \8 H' H4 K; j! Q! T
strong momentum in emerging market economies, some consolidation of the recovery in the
2 \* v0 {4 n/ \. r3 g9 H: q+ G% zUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
( _) P1 ]/ c5 ^in Europe. The required rebalancing of global growth has not yet materialized.
# K' w9 s+ H& b2 ]In most advanced economies, the recovery remains heavily dependent on monetary and fiscal+ S2 t$ b. v' g0 R% Z, e
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
- o+ ?4 ~) [+ v- A! ~6 Jvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. p+ E, R2 o8 W- c, e9 {% X. Fin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an' H* R5 s1 k" y- F* X$ ?) W
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the _" f4 t! ~ {2 M2 D( g$ ^ @4 c
spillover into Canada from events in Europe has been limited to a modest fall in commodity
) W+ M0 ]. O F3 e" pprices 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
& Y, F2 {2 K, z' b8 Qin the first quarter, led by housing and consumer spending. Employment growth has resumed.
: P# z5 o6 T2 GGoing forward, household spending is expected to decelerate to a pace more consistent with5 b* c! a/ t% b0 ]0 }
income growth. The anticipated pickup in business investment will be important for a more
1 J$ X3 @+ p! f2 r) J4 v! Rbalanced recovery.6 m' n7 F3 ?" a2 u9 i- r
+ s' K0 r1 J! A- F5 N: I; u7 vCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ [8 a/ O( C6 W1 f: }6 N0 A
the combined influences of strong domestic demand, slowing wage growth, and overall excess% a9 U" M2 t2 x1 O
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 and9 f3 j5 O! n" |8 j7 v8 `& B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable , a" a! @+ ^" D( `) p
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
7 _( R! |: k1 Ysignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.- |* N- B$ `8 b; F9 @
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
* A) ^& C6 J4 cstimulus would have to be weighed carefully against domestic and global economic8 E$ T: T+ {/ v
developments.
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Information note:$ R& D. l8 m% q$ b# N4 w4 K$ a5 Y
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 J1 Q |" ?2 \! F; N5 f8 j
of the Bank's outlook for the economy and inflation, including risks to the projection, will be# B! g: y9 k7 r: |
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！