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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 t$ ^7 V0 ]7 j/ v2 O E
9 e _" o3 O) p$ h- G4 b8 E; ?OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) O! ]2 l ?' K6 K9 N
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% _9 Q" J$ H( ?: }
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 \% D; V5 V' ?) u
operating band of 50 basis points for the overnight rate.
- e" J& x$ _+ T3 r" i. M u d
8 e7 o1 O$ K n) vThe global economic recovery is proceeding but is increasingly uneven across countries, with' `0 U0 x! w5 R$ H7 W! ?
strong momentum in emerging market economies, some consolidation of the recovery in the# @8 n; q, t7 K$ ? S! x+ d
United States, Japan and other industrialized economies, and the possibility of renewed weakness5 m/ w N# c7 g: T w
in Europe. The required rebalancing of global growth has not yet materialized.0 _# H: c: j3 X( V5 `6 o
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal" R* ^ O' w! N% s
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 U* W: E/ ^: y6 v$ Vvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
' l1 E5 M) @6 A* |" ]in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. {9 \: w2 A2 {/ c) a6 dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
! ]) ]8 L4 z8 }9 T( V" p' \spillover into Canada from events in Europe has been limited to a modest fall in commodity, d" F9 ^0 d; S7 g9 o6 I! d
prices and some tightening of financial conditions.: z/ v4 ?# k6 j5 V% m; a8 Y6 {& x
F, ~9 |% d! l, K6 C- EActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
- c/ o9 r$ O% s: |( l! Win the first quarter, led by housing and consumer spending. Employment growth has resumed.4 U' h$ ~2 M: N3 i5 p
Going forward, household spending is expected to decelerate to a pace more consistent with
: Z) I. T/ w5 q; hincome growth. The anticipated pickup in business investment will be important for a more2 q' k* q' `: V& ~5 M5 L1 J
balanced recovery. H6 z4 H& T7 h6 J. P
! `' T3 S" Y) Z7 e# H0 eCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" Q/ p, a6 E0 Z- J7 E1 K, Dthe combined influences of strong domestic demand, slowing wage growth, and overall excess
2 ]$ N( O" T' Gsupply.: Q ~; V( Q4 |6 ]& r7 z, d- r
) C4 C# o, B' S
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! O o# m1 l- f S& w8 f, x
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
, |+ n! j0 i; Q$ ^5 I% smonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the / Q) H) V/ ^" P4 n
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.$ n* F9 \# a7 H4 ]
+ G4 P. _$ _* t' T% g, i8 vGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
' J! `" G) t6 Q& {! qstimulus would have to be weighed carefully against domestic and global economic
- J9 j9 v6 d/ M& ~3 m2 `$ Gdevelopments.
6 E; E3 i) u* ~: B7 ?: \8 D" {& d( N& I' I9 B
Information note:: k( o! Y1 M/ }$ v, X
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) r* x$ I! M: t$ W0 p
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
! n! J9 Q1 ?( x# C9 c8 O$ Kpublished 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
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