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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight7 G5 i% |; \1 a# ?( Q/ ^
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 f; s# @: F1 ^" Sraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& u6 L( a8 v- D$ e# `operating band of 50 basis points for the overnight rate.+ p6 K) _7 b9 y5 A) u, o
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The global economic recovery is proceeding but is increasingly uneven across countries, with
& S1 \8 s3 B& \9 m$ Z6 qstrong momentum in emerging market economies, some consolidation of the recovery in the- L+ ~+ K/ p$ g( j+ A
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 j: H, Y4 t: Y
in Europe. The required rebalancing of global growth has not yet materialized.( I2 m% Z7 e. y
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal" _" n+ O1 l- b8 Z
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the$ u2 X) F' ^0 L" j; _: D( W+ f
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 Z- p' _! n4 h+ G- y+ r nin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ _8 M9 j6 F4 v: @7 u9 `important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
# L: G2 r" @* u. X! T. p) Lspillover into Canada from events in Europe has been limited to a modest fall in commodity
+ D6 x7 {; O; N; i: ?prices 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
" D* M+ V0 G" p9 Yin the first quarter, led by housing and consumer spending. Employment growth has resumed.% l% F3 z/ y' i" m3 o6 F
Going forward, household spending is expected to decelerate to a pace more consistent with
; O1 {8 X1 ^" G( Dincome growth. The anticipated pickup in business investment will be important for a more4 a" M/ d* i3 c* _' ]( E0 w p
balanced recovery./ ]" G, B8 {" z% `/ {
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' T! U; }$ j8 l( }* V+ e9 r1 dthe combined influences of strong domestic demand, slowing wage growth, and overall excess
$ J4 Y1 }9 x' Z" Q- l6 T2 isupply.0 i7 x4 g6 A2 G% w
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 d& f& H4 S a8 `to re-establish the normal functioning of the overnight market. This decision still leaves considerable
) n9 a. m* M" u- ]: ?. N$ Smonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 J: E! o: n+ B# q. Wsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary# \; g8 [% l# G+ J& b R
stimulus would have to be weighed carefully against domestic and global economic4 Y' m i1 M' a
developments., p5 n4 Y3 ?: d' \$ D' p1 G
) D) y0 O6 \ N% R/ L; JInformation note: S) ]0 W% T& }+ ?
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( ]- V& D& _0 C U3 K+ h, R& v
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. B+ F% l' W! t) g% M2 o7 Apublished 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！