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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% L$ D3 ?0 M6 G. n0 c" S4 e9 A
1 n% q, N2 g# [2 P: P0 A- AOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
7 Q& O$ I6 H9 n! B8 w( Arate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly* M5 R' c) v( T# N8 c# {# ?) e
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 W! f7 A+ Z, [) u! V2 ~
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, with3 s# N1 H* Q0 V' U' q5 W8 m
strong momentum in emerging market economies, some consolidation of the recovery in the. A2 C ^, \# I" |: j1 Q6 W$ X
United States, Japan and other industrialized economies, and the possibility of renewed weakness/ e6 u" O! d+ b. x: [: Z1 X0 m
in Europe. The required rebalancing of global growth has not yet materialized.
( [! g) A$ w* D y: @# WIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) }( M* u: P7 \3 q
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) i* _- Y) p" a# K/ x
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
6 Q" T4 Q( h% H" v4 uin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an9 j9 `& ]7 F: h4 y* S
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( J/ ?- W( ~9 ^5 H1 O
spillover into Canada from events in Europe has been limited to a modest fall in commodity5 z: t' V8 T5 S# z% E* V
prices and some tightening of financial conditions.
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% k9 H' w& \! P# a6 tActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent( ?& d, d) R& M* n' [
in the first quarter, led by housing and consumer spending. Employment growth has resumed.1 Z. Y8 F# j4 o+ V* t) }' q/ V+ W
Going forward, household spending is expected to decelerate to a pace more consistent with" O9 ~2 }8 z$ v8 d- t
income growth. The anticipated pickup in business investment will be important for a more
8 U9 {" A% V( P% `0 T, mbalanced recovery.4 ]# t- A ^/ m" }
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects4 A B- z+ s( d: q+ ^
the combined influences of strong domestic demand, slowing wage growth, and overall excess
6 X. w5 @; k% y F. F+ T: Jsupply.- {* |: y/ D/ G( `6 `
8 v ^) o- ~% d+ S$ sIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
4 \& }/ O4 R4 a3 _$ d& u) v- Xto re-establish the normal functioning of the overnight market. This decision still leaves considerable
G9 j1 R) Z& F O, Gmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( }' h+ t" j- R! h
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.0 c! m7 k9 a6 N% Q
/ Z0 \' I& k. i5 E, C6 V8 w3 A+ OGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary: ~2 g6 p& ^7 {3 Z' f) a" ?
stimulus would have to be weighed carefully against domestic and global economic
J! r4 M8 |) ~6 N8 p4 t8 q( Odevelopments.
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4 `' ]$ y2 s" }% j* {, u% sInformation note:0 n" \$ {4 _5 p) c7 l) p/ q& ^
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
! }+ L( J6 C+ c* H7 pof the Bank's outlook for the economy and inflation, including risks to the projection, will be t9 \0 |- z$ P) G5 k
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！