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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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I. h4 i8 Z C" m4 QOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 O0 V) r1 K) }- I
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
2 U# j$ l6 |; \; p. o, U$ A8 ]raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
$ d& U T: Y' U: U) @+ g! toperating band of 50 basis points for the overnight rate.
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8 v9 t$ p" i$ c5 y* q! ZThe global economic recovery is proceeding but is increasingly uneven across countries, with+ C+ `2 T% ~8 S- [7 M% W7 j/ j
strong momentum in emerging market economies, some consolidation of the recovery in the
4 s- i% q. t+ l* W) ^, M$ VUnited States, Japan and other industrialized economies, and the possibility of renewed weakness& d. |$ l% f+ {4 K- D1 j7 U0 V
in Europe. The required rebalancing of global growth has not yet materialized.
9 Z) M! @0 i: j* N% jIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. N; o6 @- R- v/ K, e/ N7 a& zstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the3 K* H: j9 V+ I' Q6 n8 U- y
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! b- l5 ?- ^9 F- ein higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 G2 w X7 h5 ?/ n! e! N" vimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the& W- a# W, b/ W, M$ [# G
spillover into Canada from events in Europe has been limited to a modest fall in commodity$ \( H6 {$ x/ @9 N4 h8 a8 {' p
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
7 I" d# ~" s! y3 yin the first quarter, led by housing and consumer spending. Employment growth has resumed.
( Q9 ^8 m# l) G; E3 X/ T6 yGoing forward, household spending is expected to decelerate to a pace more consistent with7 U1 R! \/ P& f0 ~8 s# [ q
income growth. The anticipated pickup in business investment will be important for a more$ g2 g$ N! E9 o7 L4 o; @# y7 H. [( c
balanced recovery.
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% C+ @. {: c1 ~, O) h |CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' l; Y T" Z- x* y5 I- f% C3 J; Zthe combined influences of strong domestic demand, slowing wage growth, and overall excess
% i7 P7 R3 O; ^+ G! R; |! hsupply." K% t& L+ r& z6 ?& K- j
$ q% A/ J" D3 `In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
0 I( P( ]+ y- _to re-establish the normal functioning of the overnight market. This decision still leaves considerable
. \0 Y' N6 k" k1 f" Cmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
8 s. d& B' s7 t3 t. Csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.$ k- h5 N1 h: z G3 f' ?1 M
5 x; }+ I4 E7 U! r6 ^. }5 fGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
H* U9 b' J, a6 lstimulus would have to be weighed carefully against domestic and global economic; ]+ b: ^2 D4 S) w
developments.
3 K' D) K3 @5 O9 q+ ~8 m8 O; q0 K# _0 o" y) ]
Information note:
5 R+ g" q( s7 b; D6 d4 ^7 KThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 M' j t5 p3 E" ~1 G6 Zof the Bank's outlook for the economy and inflation, including risks to the projection, will be4 Q9 o6 z& c. M. w; Y; z
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！
