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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 i ?3 N0 H# D; E
8 _; p5 ^1 g- b+ Z7 \ h. vOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, S; y, B) X! W# _/ |" e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ _. U, s. l3 U/ Z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 W- v: x& x1 f1 I7 Foperating band of 50 basis points for the overnight rate.; Z3 h) n$ f0 T
M0 J/ B+ R5 |3 l5 }9 `
The global economic recovery is proceeding but is increasingly uneven across countries, with/ f7 r' N* ~- D' e2 b
strong momentum in emerging market economies, some consolidation of the recovery in the
0 q& U7 I' T. F R9 O) v# v& v" wUnited States, Japan and other industrialized economies, and the possibility of renewed weakness6 O$ Z, y7 m \" d# m. _7 {
in Europe. The required rebalancing of global growth has not yet materialized.
) k; P: R3 W" `( g& J6 {In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 f2 A. X% O; @ h/ {stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the/ n; x; Y; l0 ]2 y! u; w
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
* M' o5 P9 i1 Y1 m1 m9 }in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 M1 I9 d; ?( e: fimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 Q1 G6 C! U* U& I
spillover into Canada from events in Europe has been limited to a modest fall in commodity6 s0 j5 Y; N+ i; ^
prices and some tightening of financial conditions., U/ F: }1 v9 \; |7 I
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 b. ~9 ]- @& V9 n) W
in the first quarter, led by housing and consumer spending. Employment growth has resumed.! ]: @* N7 {1 r* {; Y
Going forward, household spending is expected to decelerate to a pace more consistent with7 E/ u# J2 P/ b7 ]& W
income growth. The anticipated pickup in business investment will be important for a more
% Y* Q. U1 X# |8 Nbalanced recovery.
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2 s9 ~( P2 E0 W8 u! f* [. @# UCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# a& X( j: N: g. }7 `the combined influences of strong domestic demand, slowing wage growth, and overall excess
2 I/ I3 w; `/ n3 F& B' q* zsupply.
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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. @. O$ j; a) f' x0 ~
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
1 b- t! k2 l, N) @3 p7 Q6 ^monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the * J/ A4 v" ^5 g" }4 x
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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1 h5 l% J0 O6 {9 s4 g3 a9 LGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary4 \0 y; h& I R0 H P; ]" Y
stimulus would have to be weighed carefully against domestic and global economic% S" @( V- p1 p9 H- _+ W# h
developments. y8 @% ?$ K" I% i: Q" a1 s1 \- }1 U
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Information note:
" Z4 |( i Y% l+ W9 V4 uThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
9 Y2 J6 ^9 e. q; E0 L( ~/ z5 ^/ gof the Bank's outlook for the economy and inflation, including risks to the projection, will be$ d) \: a$ B* P" Z/ z- r5 n: i
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！