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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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! E, Y- S, J7 }/ W) N- D4 L# qOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight3 R3 a2 I, `& C2 @7 n6 T
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
. g4 @7 c. a7 J, z. ~. Araised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& m! V% C3 z* \: n8 xoperating band of 50 basis points for the overnight rate., U9 K5 D- D, _. `" i# _3 f
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The global economic recovery is proceeding but is increasingly uneven across countries, with, B! i3 J1 ]2 n
strong momentum in emerging market economies, some consolidation of the recovery in the
+ h) ^; O5 T9 LUnited States, Japan and other industrialized economies, and the possibility of renewed weakness. U0 C" w3 S5 G
in Europe. The required rebalancing of global growth has not yet materialized.8 f4 S M( t% T! D9 c
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
( _' a0 K& {( |( s9 istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the! s: r5 r( ]* G6 R V" g3 T; x
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( L5 R1 p& O, r: A8 _
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ a" H' p" l4 S# Z8 l/ J" zimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the& o; x6 o. o) _ S" D
spillover into Canada from events in Europe has been limited to a modest fall in commodity5 a- N4 ]% W% y
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
& g5 a* K% ^/ ein the first quarter, led by housing and consumer spending. Employment growth has resumed.
2 X) i) j( K# t1 [0 w$ p3 qGoing forward, household spending is expected to decelerate to a pace more consistent with8 C7 G9 M2 ~/ B" F$ s! y6 n
income growth. The anticipated pickup in business investment will be important for a more
' J% g, Z: \9 A2 u, S1 x! dbalanced recovery.
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( }2 a. s% w2 `( H: _4 U4 k9 m0 _CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects" h7 R0 d4 l' }1 X; |, m, b
the combined influences of strong domestic demand, slowing wage growth, and overall excess
0 o3 @9 [5 k* n" M2 Y+ Qsupply.
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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
3 F5 @0 o" M" hto re-establish the normal functioning of the overnight market. This decision still leaves considerable
) C0 X2 Q9 _* f# l; `( u3 A5 pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ q% r e. g$ W, r
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 c, z/ [) X& m: a/ M% A
' T9 j l9 G7 B7 `Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
6 \, Q, I; A8 i9 F5 P* {& C+ qstimulus would have to be weighed carefully against domestic and global economic' o, `. X6 N' p; ~2 F- ^
developments.
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Information note:8 p/ I" G: G/ T3 d
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update Q0 P( n u: v1 M1 A2 _+ O
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
( d. P0 e I9 K" 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！