 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
8 g# \+ x4 T. B8 r3 I# l' X, {( Q* \5 M) p2 T7 A
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
7 k9 O0 o. M. J9 w# krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 R9 y1 L, `5 ^6 m/ C& Q* h1 \5 B
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. o4 D2 C$ T$ e5 ^- Roperating band of 50 basis points for the overnight rate.& D; b* v7 [8 ^1 c2 h
) o0 e& T$ i1 e% P
The global economic recovery is proceeding but is increasingly uneven across countries, with7 @; Y1 j6 r3 C" O, D$ O5 G' h
strong momentum in emerging market economies, some consolidation of the recovery in the
6 [6 ]' v6 F- Y7 d; A; MUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
5 |2 W9 n% w# ]1 D- \4 }3 b5 {* _in Europe. The required rebalancing of global growth has not yet materialized.
; F0 h2 S3 f- d- Y3 p7 FIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& L, a) u- D/ i# T3 m: O1 e: Nstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the( V+ s3 c3 p# f) X
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
6 B& s" E1 B- J% Oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
* k8 `6 \& S' }/ j6 mimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
/ t5 c6 J. g% b: N/ Zspillover into Canada from events in Europe has been limited to a modest fall in commodity! p* ~* ?6 p9 z9 J- Z
prices and some tightening of financial conditions.
( P0 T5 U! t, p: _( j# n0 Y) B+ @6 e. O U; c- N% d. v; H& p
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent2 \% Z1 i9 X# H" f! p+ B7 H! H
in the first quarter, led by housing and consumer spending. Employment growth has resumed.$ x' {* q6 X+ y0 W
Going forward, household spending is expected to decelerate to a pace more consistent with
$ p- m. _; r: L# o; }+ o; ~income growth. The anticipated pickup in business investment will be important for a more
/ X. U! {; m$ `4 m H4 ~0 k* b3 Cbalanced recovery.2 {. J* h: q' W" v7 K7 H7 J
8 z. b" V0 A' W0 tCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
) O$ c6 E v7 a. z8 Xthe combined influences of strong domestic demand, slowing wage growth, and overall excess8 g9 b) R4 |, d3 R$ }) w$ ~
supply.1 H j' [$ q" D4 J/ L
% O T! I5 L4 D: q9 |) u4 g F3 J8 LIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 e" F Y9 h* K3 n1 t
to re-establish the normal functioning of the overnight market. This decision still leaves considerable G: U$ s( s: R: l+ e1 ~* R
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 A6 G& A( V5 F: e" }
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.( e! |& m6 w3 G$ ~5 ?
: E4 q& i5 D0 G: @1 i
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 }. ]; T- t" y) D7 ystimulus would have to be weighed carefully against domestic and global economic
: _8 V* f1 [& k& ydevelopments.; J/ Q" x" I1 R1 f/ ?; n, o3 k
7 Z( U; p9 Q. j* o; S- t9 rInformation note:5 Z# H% d8 J# ^; e* L6 g& ~
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update% q2 n* D- s. v, i! H
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. _1 t+ t9 P* {- T+ M- Bpublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！