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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 h+ L) E/ G7 f* R0 H7 e1 a
, Y4 r- A7 U9 WOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' G4 ~+ i% t. R" A8 u2 M6 K" P3 _& O
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly8 O& V2 y* Z2 E+ @$ ~: ~+ w( X: _
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal2 w b* ?9 i7 A1 r- C* z2 p8 j
operating 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; X* `% W; G/ e6 s, n" ]% e
strong momentum in emerging market economies, some consolidation of the recovery in the' k X t* j6 U7 i4 n
United States, Japan and other industrialized economies, and the possibility of renewed weakness
6 ~4 @1 a* b# `0 |1 N6 t# q8 min Europe. The required rebalancing of global growth has not yet materialized.
$ o. u4 f6 D5 R9 F) D( sIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# H$ `/ C/ u" G- E2 I! Z. ustimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
$ U2 b6 ]. \7 Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" X7 o! O' t7 _& {* Q- F$ Kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
" l- A" C; c0 n7 |6 {important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
+ z! j. `" |- J7 U; fspillover into Canada from events in Europe has been limited to a modest fall in commodity1 ~2 ?6 Q7 t# {5 j: j- _
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
& S8 R6 U S+ w( iin the first quarter, led by housing and consumer spending. Employment growth has resumed.4 u9 e- K2 F* l! J$ X
Going forward, household spending is expected to decelerate to a pace more consistent with; u/ ]' ] b% s0 a! G
income growth. The anticipated pickup in business investment will be important for a more
" g: a3 t" s3 R3 u. p- dbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects3 s% w0 w) E; ~! A4 M- B
the combined influences of strong domestic demand, slowing wage growth, and overall excess
0 p. J, E. T+ Y$ W+ r6 osupply.
+ a9 {- n6 q+ t. w- l6 ~- B+ `8 `$ F0 F. R7 S/ `& K8 Z# R. \
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
0 i- X% {9 y1 L1 |/ \3 Mto re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 W" K1 X' s+ m! Hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the }3 G6 _5 S m" l
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.- ]5 ~. d( t0 M& I, J; Q
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary( |2 M5 L7 ~) o* A. b
stimulus would have to be weighed carefully against domestic and global economic5 j8 z$ m# N% c m$ @
developments.
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Information note:" k+ G3 T5 f" p% G2 h7 V
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update, F* }. C) U' X- O- e! a; }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be* h. D0 p' J9 j: q! \# F6 `
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！