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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market5 \: D3 Z9 G% D3 _
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* X$ K# c9 E; e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly8 f; K0 D* a* F6 u
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 B, T' ~; j9 b; xoperating band of 50 basis points for the overnight rate.) v# z; s5 x6 c$ a
' E/ g. {$ S! z ?& P& S' V. MThe global economic recovery is proceeding but is increasingly uneven across countries, with
" [/ [6 y8 Y/ S; a5 E* Q% lstrong momentum in emerging market economies, some consolidation of the recovery in the$ i: s3 `2 p4 C3 V& d
United States, Japan and other industrialized economies, and the possibility of renewed weakness
) J8 E X0 W$ Y- b- win Europe. The required rebalancing of global growth has not yet materialized., B8 Q8 x: ?& J9 S) `, j) R0 w& Z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 u; g% j3 L; k) e. ]2 q4 {4 B
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
8 `/ p* f! C4 ^* ^$ U' W4 Rvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 V: b9 i+ C- a4 I8 rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& j3 @- e2 T: J/ O4 E
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- K7 f, R! ]! @$ ispillover into Canada from events in Europe has been limited to a modest fall in commodity3 Q0 V7 B6 A6 ]' Y4 m( |
prices and some tightening of financial conditions.5 W% z5 N: n+ i$ l6 g- I2 x
) ~% `6 R1 I7 F& [5 JActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
1 Y: }# t0 z4 L9 A# o+ ~: ?, Zin the first quarter, led by housing and consumer spending. Employment growth has resumed.
% ?7 l4 w. z8 L+ R; a8 ZGoing forward, household spending is expected to decelerate to a pace more consistent with
! H, i9 T7 q* @* F0 kincome growth. The anticipated pickup in business investment will be important for a more- b: }' q# K& G+ w" `! j8 d- E1 K
balanced recovery.8 J( n% }( C* \# \ ?- v& W% M
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ b0 q. P8 f# C) M! Lthe combined influences of strong domestic demand, slowing wage growth, and overall excess
! T- H4 P6 O! s: E2 K1 Q. ssupply.
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8 P3 r) L" u" q9 ~2 g% z; G DIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
% Q" W. N* o) U+ a8 Kto re-establish the normal functioning of the overnight market. This decision still leaves considerable
; U3 K5 d8 c$ @- amonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 M& p) M& E$ H$ S& ?1 l
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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( C3 o& W2 ~6 c: _8 lGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary+ M: R9 }* r8 V% B# q4 U
stimulus would have to be weighed carefully against domestic and global economic
4 D7 P% u- j# L- F- ]7 y. h+ Udevelopments.
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6 H; {8 ~# J6 x% A* d: K0 e1 z. ]Information note:. d( L. F2 c( p9 y9 D! L+ R4 f' p
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) h% v( f) ]7 @8 s
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
$ c: C8 Y) k) |. Q& v; Jpublished 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！