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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market4 s9 j- x7 Z6 G% y! }; E4 Z, S5 C
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
2 x9 l8 A- W) ]; W0 m) trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ T0 [: B( r7 B3 q* S# Q- F5 Y; V8 iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
5 Q5 W+ B N" D& J. ooperating band of 50 basis points for the overnight rate.* P" g+ e3 b \+ `( ?0 J
6 T, \* O6 Q( RThe global economic recovery is proceeding but is increasingly uneven across countries, with" C% j9 b/ c- t6 A5 B3 R
strong momentum in emerging market economies, some consolidation of the recovery in the
# b4 C; O$ r1 C2 }2 ^3 SUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
8 }/ H+ z; V9 Z1 v1 win Europe. The required rebalancing of global growth has not yet materialized.+ r: y8 V8 S% M8 K0 r$ B; Y: b. l
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
m) X7 g- S$ K4 V, h% w- sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 b/ U' ~. R7 d! E! l
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result5 w; o$ c/ ^5 ? a
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 [' k1 `, ]$ J e
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the& e+ G1 W* R; b. V4 k
spillover into Canada from events in Europe has been limited to a modest fall in commodity
$ J4 E' D2 C5 N8 c& Z/ }: Vprices 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. g% W# @. Q. ~3 g& a; f* @7 G
in the first quarter, led by housing and consumer spending. Employment growth has resumed.: F! o! v* I7 n
Going forward, household spending is expected to decelerate to a pace more consistent with
, x! Q- f7 F6 t3 m- \: o; zincome growth. The anticipated pickup in business investment will be important for a more; E5 ~" P5 U% B6 |
balanced recovery.0 Y/ }0 [. F3 h& D9 {
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ `+ `+ C) Q: Y, f) G$ C
the combined influences of strong domestic demand, slowing wage growth, and overall excess: ?- O5 h6 J6 e2 \, y% N2 C
supply.
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# `% B# f& d3 ~$ Q7 S+ \7 w# q/ gIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and. k' W5 A, E: H! c4 L; L) S8 | U
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
w1 j0 [5 s( Q/ J. @6 E" U1 E$ {' i! hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ?& F) t, w8 M3 i
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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$ ?# V, `/ F; c# Q9 |3 K! X7 ~- x- GGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
" S, M) p2 f2 s) ]2 fstimulus would have to be weighed carefully against domestic and global economic2 \3 ^4 ^4 F; o' |7 N. ^
developments.* M- _# d$ x1 l$ K- H H* m
3 c" B: o% l0 i8 _( lInformation note:
" k G+ ], i7 {% I# }, QThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
* w. {' k7 R9 v9 U- P7 I1 _of the Bank's outlook for the economy and inflation, including risks to the projection, will be. _* f% g8 e) }8 O" O
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！