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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
4 c$ w8 [; v0 z4 n3 t# @rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
- U6 o# y* c3 t Y6 G1 R/ draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 H$ O+ p0 B- n4 l9 N( }# ^. _
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
# R9 }0 |: u( v" e& b2 y- Hstrong momentum in emerging market economies, some consolidation of the recovery in the
- z) P L" f* e8 kUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
# p0 t2 g" D8 y( d3 P, Lin Europe. The required rebalancing of global growth has not yet materialized.
0 @7 y+ q6 P3 X) q3 WIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: l- g% q' V& Q! g* ystimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 u/ `0 k0 f. t+ T) K3 b" vvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ A# U8 S( l) U
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ f0 ~( q+ c# K, [important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
* v. c7 A: h7 b) Bspillover into Canada from events in Europe has been limited to a modest fall in commodity# j1 n. ]! H2 {) B: _: P# W
prices and some tightening of financial conditions.8 c b3 x) {7 H5 A1 R! D
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent% r; h- c5 ^/ c# [7 Z( e2 b6 i& ?
in the first quarter, led by housing and consumer spending. Employment growth has resumed.4 @, }0 H+ W; s8 n
Going forward, household spending is expected to decelerate to a pace more consistent with
# g# Z) W* E( ]$ {1 e+ E0 ?income growth. The anticipated pickup in business investment will be important for a more, n2 H# I6 O* @- j( {
balanced recovery.2 D2 k/ G8 g) p2 P/ W5 l$ F0 P
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
9 N3 [/ _" X) z* j% d; h |+ C7 L, Zthe combined influences of strong domestic demand, slowing wage growth, and overall excess$ _: u0 P0 t" }( G8 z+ m
supply. K% E. u/ d( k, n4 V, s. ]# P
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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 L. h6 ^* j9 v% K0 E
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 L" l* g) i1 E! j0 k/ u
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
8 X% f- J% G1 I* W3 osignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.' o, n- p6 J: Q3 B
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary+ N5 |# H. s' o/ S0 |
stimulus would have to be weighed carefully against domestic and global economic; B4 O1 _" C3 G, h
developments.0 O6 f+ j) d a
* I) r% y8 L0 S$ h& E; O! ^4 IInformation note:
/ P" K; B" B3 R+ M& P8 N% L( b( fThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
" E: k8 ?5 x0 f' K+ j2 E eof the Bank's outlook for the economy and inflation, including risks to the projection, will be% X( G5 u" ~: R4 b" [# s- F- A
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！