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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) _6 Q$ ^' c; U; }; l
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly9 d% Z: h. j4 Q- Q5 R; D! m
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 i. K! ^; @5 f0 uoperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
. s# D! M# n8 f2 d P ]5 Hstrong momentum in emerging market economies, some consolidation of the recovery in the9 Y- [1 L5 G- P
United States, Japan and other industrialized economies, and the possibility of renewed weakness, {8 I1 x5 I7 L# s' g4 L! E
in Europe. The required rebalancing of global growth has not yet materialized.5 I: \" }% t2 d% N: z3 M' H
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# C. e; Q9 ^( V+ h& Ostimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the5 P5 \6 f# S1 w, |
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
' y7 N7 d1 |0 |2 a" ^ W, U0 I! T& hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ h( {) g5 w; E" L4 p7 f
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) x* }; p/ C6 D" E& k, L aspillover into Canada from events in Europe has been limited to a modest fall in commodity
' g w# j+ ]4 j5 u) jprices and some tightening of financial conditions.2 X6 S( \+ \8 {, f
8 q c6 S! _# c3 t# D" K. QActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent s; F5 Z% N$ Q- t7 V! |2 ` ]
in the first quarter, led by housing and consumer spending. Employment growth has resumed.# ]3 E! D3 C5 \9 }; k! G
Going forward, household spending is expected to decelerate to a pace more consistent with
( Q: J/ j9 P& X4 O/ Gincome growth. The anticipated pickup in business investment will be important for a more4 d2 H# y* D G' p
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 S/ d- J+ V5 _" B, lthe combined influences of strong domestic demand, slowing wage growth, and overall excess( ~! q k& ?: P5 Z5 T
supply.. P4 C7 x1 n2 ^2 k+ \2 j$ u. \! L# t
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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
9 p O2 P7 D' @& Fto re-establish the normal functioning of the overnight market. This decision still leaves considerable 9 R$ ^- x3 p( D* g! |9 e
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
2 ]- U# j: ~% xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.7 X o5 |) U5 A/ \% l
- F* W: {) e% h0 S, y8 OGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
S9 u' w5 |# t7 Z* N- D- @stimulus would have to be weighed carefully against domestic and global economic) I' k1 F ]4 H: a4 K2 e
developments.9 b# Y" a; I2 ]
/ I, w2 M6 l {! R9 p! SInformation note:( l& d2 V* I+ S# h( w+ P
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
; t2 l* m0 ^ m; y5 y$ j; `- yof the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 g. i: e7 l$ Zpublished 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！