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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( g* R3 v+ r7 M8 J3 @$ ^% m6 g' C
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight! C* O5 T% X# X- U! [
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
F* U. t" Y1 U% w. A# n7 Draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! g1 {/ W* {5 \operating band of 50 basis points for the overnight rate.) j6 x8 J/ t( [; @8 d9 h+ C
; T6 A3 _+ |& D# a* lThe global economic recovery is proceeding but is increasingly uneven across countries, with
0 M8 o& Y1 v2 d1 C, x8 [strong momentum in emerging market economies, some consolidation of the recovery in the y4 A$ R1 e3 s/ J5 M7 i
United States, Japan and other industrialized economies, and the possibility of renewed weakness
" W5 U& Y5 e3 a0 d- G" ~; Yin Europe. The required rebalancing of global growth has not yet materialized.8 l' Q. x# Z( I* h7 N" H0 o8 {
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal, ^; L8 w; p- `
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the0 k" x' o6 p3 k7 j$ Z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 ^! Z+ t0 a3 C' j) w
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 U1 m- k( v1 L. \
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% _' u# Q: G* B. `spillover into Canada from events in Europe has been limited to a modest fall in commodity
9 `) N" s/ ~9 Dprices and some tightening of financial conditions.# h M' z4 `* R7 n1 S' T
) N8 ?& _* D; F0 D0 }* {0 ~. |$ CActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
3 Y, E) Y; E3 g |. Fin the first quarter, led by housing and consumer spending. Employment growth has resumed.0 ]3 r7 }5 t- u/ S, @6 F0 V
Going forward, household spending is expected to decelerate to a pace more consistent with1 M( {8 C, c, `% t0 j$ I+ O
income growth. The anticipated pickup in business investment will be important for a more
& l6 y. O" c. z* S" Dbalanced recovery.1 l; L& V" x2 Q0 W" a. _+ ~: k0 s: m
3 `3 `3 E0 c0 c
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' ~7 b) o9 ^% o3 J& I1 \* r9 r) i* vthe combined influences of strong domestic demand, slowing wage growth, and overall excess: X& N; k7 o8 w3 w7 [. J. C2 `( W
supply.6 J9 c: Q6 K2 E, ]( u* t" R4 y8 K
8 d* a1 a$ e. \+ c1 r
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 E( a3 ^+ K8 ~/ {& {
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
/ i/ p- e2 }+ C$ [/ {# U: v0 [( g; f `monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the . `3 X: y8 V7 B% D
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
$ e! d1 A3 E/ s1 k0 I
9 X0 v& {, L. s7 j# |) SGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary# b; q6 c \: V. B" q' U! }" C
stimulus would have to be weighed carefully against domestic and global economic' f" N' P+ ?2 W
developments.
5 m$ U% L% k2 _, i
& u* K) ~& b/ B. A S, y+ BInformation note:
, m. r0 \% q8 _ P* h" `% t4 N& gThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update4 L# t# F1 d1 A9 B* X7 y/ }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
1 U- M; z0 i- i% xpublished 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！