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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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% d! \$ }0 r% n9 R9 h5 ]6 ROTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
' N1 g$ S# a4 l0 q! s, A8 prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# H' e1 l4 Z+ @, @. wraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 m! [ n- z5 N# t5 poperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
, k" T1 i6 m1 \" D2 J u5 Y/ B' wstrong momentum in emerging market economies, some consolidation of the recovery in the0 s# B2 x, ]2 D+ Z
United States, Japan and other industrialized economies, and the possibility of renewed weakness$ S9 I; j) S+ J
in Europe. The required rebalancing of global growth has not yet materialized.) h2 N) i) d) {) c; H
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal# s3 i0 a4 t3 g' B3 i6 l [3 k- V
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
% Y5 i- K$ R1 o% Nvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 t) B/ s* @7 i8 ^4 G$ }1 fin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
; ]+ p/ z! e. P! }" g$ nimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 q' P; e0 H2 D$ O0 w& I
spillover into Canada from events in Europe has been limited to a modest fall in commodity) F# }2 z7 c. v# {$ @. K
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
3 x! d9 d j9 d7 _8 |in the first quarter, led by housing and consumer spending. Employment growth has resumed.
( B8 C) x d/ g# O7 SGoing forward, household spending is expected to decelerate to a pace more consistent with- \# ?/ P7 Z6 Y' X$ }. x0 [
income growth. The anticipated pickup in business investment will be important for a more
) n& T) U& ~& ^7 [3 c: N5 Ibalanced recovery.
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7 z8 P3 g6 Y( R$ kCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects3 B) |% i2 s2 _- u
the combined influences of strong domestic demand, slowing wage growth, and overall excess- k y3 q# ^) | b9 `3 h
supply. ^( ]% U% A7 m6 X
: B) X+ _1 R( vIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and, u4 o a0 I8 Z! n
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
0 A3 f7 I0 q/ A8 I( ?) B* Vmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' M- t* R% U7 E F: A" q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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- y8 m- \/ v* xGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
/ j$ G9 K& |) R" Ostimulus would have to be weighed carefully against domestic and global economic8 b7 O& I! g* J! F; Q% e9 n
developments.5 J; a# ^5 T- {, _ L. ]
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Information note:
& M, u8 z) `) H% iThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
) _3 \2 D3 r6 d% a0 A' |2 g1 _, Pof the Bank's outlook for the economy and inflation, including risks to the projection, will be
# U5 s, E$ p, cpublished 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！