 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
5 y& L4 h3 F A1 [ [/ e
9 B. j# q. D! g% `. g1 @OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight5 e3 P1 ^7 B2 j5 M, h' @4 N
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& V2 W" {' |; Y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 X6 y, \% I) {5 z; N# L- koperating band of 50 basis points for the overnight rate.
( O# }' ^. y& \- m: q
+ r, {, p: V. x/ @4 G" O; L- ^( d9 V- uThe global economic recovery is proceeding but is increasingly uneven across countries, with
5 A7 x8 _9 B/ F; Jstrong momentum in emerging market economies, some consolidation of the recovery in the
# E4 D) T! \2 lUnited States, Japan and other industrialized economies, and the possibility of renewed weakness( w6 V7 g4 }3 J
in Europe. The required rebalancing of global growth has not yet materialized.; f( X/ A7 s# a: y1 C" y
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
( e s; |, {) e) G" v- G- E5 pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ l4 d3 B4 v* }variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result% h" Z! C/ [7 E$ O) B
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an4 ^; [2 ` L! h& K1 [3 r1 g
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the" v! d5 I! e( C1 C
spillover into Canada from events in Europe has been limited to a modest fall in commodity5 e% ^9 `! A4 |6 e
prices and some tightening of financial conditions.
( B8 ^ h) E! W1 V+ _
6 v3 V+ f2 P4 a" m& F3 e8 e! w0 jActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ J! V G8 y8 H+ w) d$ X
in the first quarter, led by housing and consumer spending. Employment growth has resumed.+ ^% k- k1 R; ?/ d. h1 i2 o
Going forward, household spending is expected to decelerate to a pace more consistent with
7 m3 f3 b8 ~" ^; [) I* H! Fincome growth. The anticipated pickup in business investment will be important for a more* {" f! n, ~7 u2 O
balanced recovery. e8 j$ m' S. z+ G4 `8 N
6 w3 x. e# ]% Q) V$ Q6 l3 T$ nCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
) g" x! E* L. a% ]/ Y3 b, p% Z/ ]the combined influences of strong domestic demand, slowing wage growth, and overall excess
. I0 F) e! v- G0 l- G! U) n, l2 i% v( Hsupply., J* S0 B" X( y
- T! g$ C; c' P) i7 d0 ]2 l7 XIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 j$ X( e0 o1 r0 d- x& d5 w) A
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 V v" Q: D5 w( ]7 |; \( o
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 5 K) y! p2 Y2 @4 X0 J" R7 @
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.7 m% x* P8 n1 O0 Q* J4 {
+ U$ H0 W% T4 ]6 E
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary3 R( M' t. o' K; V2 z5 G/ |
stimulus would have to be weighed carefully against domestic and global economic
# |0 s. A W* S* {( m/ [developments.
, ` o' F1 _* c4 q9 s- C7 e; r* Z4 D6 P1 x% D, ~+ d! q$ q; \8 T6 C
Information note:9 E7 ~4 H! S' H0 ~) Y! h
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
7 S( V9 [6 @3 }. ]( Lof the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 q: F& u/ D/ Spublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！