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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+ R' O0 T( R- e$ Q( ~
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly' `0 N a/ L4 G: _2 I+ e
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; D# M3 A/ O+ |7 n: G) Koperating band of 50 basis points for the overnight rate.
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6 J9 q- `# m0 s9 J" O# ]The global economic recovery is proceeding but is increasingly uneven across countries, with
' c9 f1 _% ?, K$ i3 L9 ?; M% Hstrong momentum in emerging market economies, some consolidation of the recovery in the" ?! T. A) `$ n/ |. B
United States, Japan and other industrialized economies, and the possibility of renewed weakness
! d$ m) D, u! R& Q0 Q) Tin Europe. The required rebalancing of global growth has not yet materialized.- k0 X1 s5 z' i* w% | c
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal; o' Y% D9 p* C6 v
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: |# H# S* P$ ?
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ _9 q' s/ ?. p8 }& |) M
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 h$ [! s, h u' r1 W* t
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 i! H% A8 c# |7 }/ C+ ?1 i- c- \
spillover into Canada from events in Europe has been limited to a modest fall in commodity) w* y9 k+ B7 r3 e8 P
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
, k) F" h% M$ y$ {4 Y/ N2 [in the first quarter, led by housing and consumer spending. Employment growth has resumed.3 l& ^1 \0 Y8 r# d$ J2 x; o5 Q
Going forward, household spending is expected to decelerate to a pace more consistent with: \3 e0 J! {. G' G& Z e- V4 i
income growth. The anticipated pickup in business investment will be important for a more" Q" S: T+ t% ^% P% K/ R
balanced recovery.
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' Z% o2 ^$ j5 @, tCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
, z6 W$ v S$ S; W# m- ~4 m0 ^the combined influences of strong domestic demand, slowing wage growth, and overall excess$ |5 H4 u+ g7 F- K
supply., ^7 y% m" J; z3 N2 H
6 B- u, ]3 n) ]# I) m3 mIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
& S* J5 O/ J5 ?to re-establish the normal functioning of the overnight market. This decision still leaves considerable
' f. m. E5 v' A% ^2 U9 G8 j( E+ }monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 X/ e$ L* p% P- X) Psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
, W+ g8 K8 y) J/ {$ F. ^stimulus would have to be weighed carefully against domestic and global economic
. j( x' ? D6 [developments.
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Information note:
# M q% v8 x* A! q( NThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
9 g1 S7 h9 x- g) dof the Bank's outlook for the economy and inflation, including risks to the projection, will be
# B- P4 C( ^9 C" n% j9 f* p' u6 w4 v2 u8 }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！