 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market( p* j" s' H- s1 _0 u" H, c
7 ^) s+ D P1 E- {
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, t) A- ?3 G3 t% b7 [5 O
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 O( h+ I% G u- o; ]% Wraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
' J3 i. ~' v' D! ?0 V1 Coperating band of 50 basis points for the overnight rate.
' t7 q$ Z* z7 M. n& I: e M/ c$ j+ e% _7 G" y' b5 U; h
The global economic recovery is proceeding but is increasingly uneven across countries, with7 t" \2 q3 N" i# I: A8 d$ n. _7 j
strong momentum in emerging market economies, some consolidation of the recovery in the* [( k9 _/ z" Y2 Z
United States, Japan and other industrialized economies, and the possibility of renewed weakness
) J/ N: z+ n) {( o4 zin Europe. The required rebalancing of global growth has not yet materialized. p( V1 i4 I& d% p' [
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& q$ d6 F% x% @% g* z @7 Ustimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the1 H, \6 }- w8 K: K
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( d8 {, c" Q y1 T$ f) p$ c
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an% ?' t2 _7 }+ Q- u
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 t, W, Z- E, [! u- E: w" c- [spillover into Canada from events in Europe has been limited to a modest fall in commodity
+ m7 j8 ]$ A% C( K8 U+ l) fprices and some tightening of financial conditions.
$ K* S6 r7 u8 d: k, L, k- ` s. B' T' e; ?: E- }$ o
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent6 a) a2 y. E2 }5 M$ Q9 ~
in the first quarter, led by housing and consumer spending. Employment growth has resumed.6 i, }6 E8 r1 w7 l
Going forward, household spending is expected to decelerate to a pace more consistent with6 \- y- T+ U) r( U3 _# T7 R
income growth. The anticipated pickup in business investment will be important for a more
5 m/ }$ a9 R0 Q* ?# _! Pbalanced recovery.
) F) H( [1 K* i0 }- `; I1 R6 @' J7 p6 S3 F9 e( e4 k- D S
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ W3 m* _5 v! H. j& othe combined influences of strong domestic demand, slowing wage growth, and overall excess5 R1 p' P* s* c
supply. [* P& b/ ]5 W' w% S( ?+ R) X
4 D- P7 v" B! H V9 X; ]0 A1 v
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
" s( O3 E. L" ^5 p0 Bto re-establish the normal functioning of the overnight market. This decision still leaves considerable ( I: k$ ^5 c4 v O8 v: ?
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# @. K; K1 b. z) q6 T, T1 ]7 U# Jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: g; m+ h0 v0 d
# b$ ], o) A( UGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary& a4 _8 d* x* @- E: f, V
stimulus would have to be weighed carefully against domestic and global economic
' k; M) t5 b& U9 [8 Ydevelopments.2 p& s- o: Q, x* o/ y
9 P7 ^- e% e; Q( o/ g8 AInformation note:
5 k& ]5 O [4 O$ Y7 h# J$ \The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. s2 t1 K% a/ z$ Y m9 _- w( P/ ], H# S
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 ^; l. q% `+ o8 d9 U2 ^ s" `published in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！