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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( b0 E) f4 K+ @
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight4 k C" T/ ]( V4 \" A! V/ X3 L
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
% `8 k" ~$ l3 @/ traised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal2 {5 X% ?6 @2 i3 M1 g
operating band of 50 basis points for the overnight rate.2 @+ \) V, m4 ~; h
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The global economic recovery is proceeding but is increasingly uneven across countries, with
1 n, L5 F3 [. E. f8 u; U( ustrong momentum in emerging market economies, some consolidation of the recovery in the2 _3 W$ d g& Y: j0 L
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 h8 ~1 a1 Y) f9 Z6 Z) S
in Europe. The required rebalancing of global growth has not yet materialized.1 M* n' @% b6 F
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
( C: N: @; H- y9 O8 @4 F3 D5 tstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) _3 f: ]4 f4 }0 B6 Q
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, p4 {, U W% D* q$ n# Z2 H
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
! B' o6 K; t( A' Wimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
* x* D. S$ G* `( Z& I7 Bspillover into Canada from events in Europe has been limited to a modest fall in commodity! m( z$ B! |, ~+ R4 P9 w
prices and some tightening of financial conditions.1 h( x f7 H9 e" u8 I, P8 ?
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) m. g7 ^* @* J, j2 j* M2 ~- `in the first quarter, led by housing and consumer spending. Employment growth has resumed.
! Q3 p+ d& T8 h2 k& dGoing forward, household spending is expected to decelerate to a pace more consistent with
& ^4 J, Z4 O* T( L6 x8 bincome growth. The anticipated pickup in business investment will be important for a more
/ r7 _, L( g, o$ D9 B, Dbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
: {. g! c+ b# q) a8 h$ Jthe combined influences of strong domestic demand, slowing wage growth, and overall excess. A- }3 a3 _, Y2 l, v+ p# H7 C" R
supply.
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9 v9 O z7 r! mIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
, z: w3 r7 U) P Z8 H+ ` ]to re-establish the normal functioning of the overnight market. This decision still leaves considerable
( Y' v) C# V' h% x& x* xmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 ]) [. E V$ B# q* i8 O9 Bsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.' n, j. t- n: x% \3 T
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary, d: m0 z/ ~$ y* L Z$ l- H. s
stimulus would have to be weighed carefully against domestic and global economic$ k8 W, e4 y" X7 j' m0 s6 o
developments. ?- f9 m: A7 b* |! X6 a1 [/ [6 C& Q7 b7 a
* |* |, S8 N5 \7 P5 `% a$ UInformation note:& c% J7 ]/ X: w5 r) `5 L- r
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
; l7 s+ o! W- X. a6 A jof the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 F1 J5 Z" b2 B# f7 Z( J1 Y* Apublished 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！