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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 overnight1 d+ ?8 r8 ], d( {+ }; c
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly5 s. l- J( b3 e2 P+ @2 v: R
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
{% r, O- A/ \8 K8 Zoperating band of 50 basis points for the overnight rate.
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+ m& u) ~0 V; E, @The global economic recovery is proceeding but is increasingly uneven across countries, with
( b- l& j1 l y+ ], l) e# j5 e# {9 bstrong momentum in emerging market economies, some consolidation of the recovery in the' ]/ q5 I6 s& \2 C8 W( e. I' o
United States, Japan and other industrialized economies, and the possibility of renewed weakness! U2 N, n) g( T3 _' {
in Europe. The required rebalancing of global growth has not yet materialized.
' w. n+ h. E. }7 a+ k; {( K- J* VIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
7 d' U' Y* D: ]. H' \stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 c( Z( _& P8 [4 p5 j% |3 ]variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
' ?* S& c n. p/ T5 w7 I3 \in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an `' X4 s: v' _$ a, ~. R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 C5 s# P1 p( @" w
spillover into Canada from events in Europe has been limited to a modest fall in commodity
: a$ X. E! \* D, T; sprices and some tightening of financial conditions.# W* G( D! L* h4 E1 t8 C
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent9 w& L* a' Y* Y% {1 a
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& ^2 b* z; }& LGoing forward, household spending is expected to decelerate to a pace more consistent with
2 D( q; M) C1 }" Hincome growth. The anticipated pickup in business investment will be important for a more8 T& G7 r9 c8 G7 N8 D) h7 k
balanced recovery.
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2 ~9 [$ k6 ~3 C0 l" j4 ^CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects; J( ~3 K# Y$ }
the combined influences of strong domestic demand, slowing wage growth, and overall excess
/ a' j* A9 B5 X7 N; ysupply.
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' }0 ^% w. L1 \- B" PIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 N! h; K5 a: {
to re-establish the normal functioning of the overnight market. This decision still leaves considerable D6 i. _: k$ j9 \
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
* Q; L9 K7 z" ]" k O" Xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* Q! U7 I) o/ @9 x4 m! s. r, S5 N& m& q
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 @! p' R( f8 S: a( W( E' Q+ o% xstimulus would have to be weighed carefully against domestic and global economic
! Z+ g* M: T `: A$ idevelopments.
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6 z( f! x4 t7 r' ~8 uInformation note:7 }8 ]3 h! r; `$ }
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update" e8 G* F4 F# q' k; y
of the Bank's outlook for the economy and inflation, including risks to the projection, will be8 q" c5 Z# ?+ f+ A: o1 J7 ^/ n+ b
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！