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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# v7 j# I2 s3 K5 l5 S5 D# w$ K: L
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 i! e) n- ^ y/ c" |8 F0 N, F
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 [; h: N0 {2 I: t5 K6 J9 o
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 _ U; t5 n) L; Y* B2 d. N, F$ Ooperating band of 50 basis points for the overnight rate." p8 ^6 S2 K/ ? S; s) o
}% n" C6 o; b6 N7 LThe global economic recovery is proceeding but is increasingly uneven across countries, with
( b5 E% x1 k6 M5 k: `! }strong momentum in emerging market economies, some consolidation of the recovery in the
9 K8 E. D( l5 q, o: [) [United States, Japan and other industrialized economies, and the possibility of renewed weakness
( h" ?3 u6 r+ |: y! xin Europe. The required rebalancing of global growth has not yet materialized.$ P+ h% s/ r9 V6 \7 A+ p$ P
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal- ?/ G( x7 e6 ~3 r6 D1 `2 X
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- k; K' R; J5 s: m" T7 m
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 t7 l J2 \5 I5 cin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
6 K( d" ^% f9 e: s! U( b9 ~$ L& Jimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 M# {& z- A' b% P4 ]spillover into Canada from events in Europe has been limited to a modest fall in commodity
. D& ]/ m" D3 |- O" K: ]9 [prices and some tightening of financial conditions.$ L9 ?7 f& W1 g
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent' j' |6 w( B$ ?+ K, j) t
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
3 k/ X( W- U$ X3 U7 {4 u' W, ^Going forward, household spending is expected to decelerate to a pace more consistent with6 `% i0 J2 w; P% E0 ?+ d
income growth. The anticipated pickup in business investment will be important for a more
- K) _, {7 x/ I: c* E5 i, j ]balanced recovery.% K9 f; E! V) g j. }
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ v9 v4 y1 Q; T5 B
the combined influences of strong domestic demand, slowing wage growth, and overall excess5 G& \. i0 [# @/ I
supply.
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) J) C% F, x1 D6 p& e* U, G1 wIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and. }; D2 Z# @" @ M, J8 W# ^. A, u
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 t- }! w& M' J, ?/ emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 8 j* P8 |& v: O/ w1 |9 ~
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* S& Y6 j" L+ h6 C% v4 f
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary) C3 F9 T: V! t1 j. ^* p6 U* R, C: f
stimulus would have to be weighed carefully against domestic and global economic j6 C1 b, g. F, x5 K/ w2 c( e3 L
developments.1 L7 s2 V4 E# }! N
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Information note:
: f, ]" x7 L% F2 uThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
4 ^% t6 d" R7 M: }: `5 h6 rof the Bank's outlook for the economy and inflation, including risks to the projection, will be) z$ ]" K. {3 Z4 n
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！