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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 T& q- R% l# h# y+ z9 H
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 J% y* b' Z0 Z' J) D+ T
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 j! A5 g, b7 p9 L* V$ X+ Zraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, c4 ~4 q. h8 }/ q2 ~' Y2 k9 d6 }7 M) Loperating band of 50 basis points for the overnight rate.
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5 ]2 d6 x$ s7 W/ vThe global economic recovery is proceeding but is increasingly uneven across countries, with' @+ `$ s: }0 k/ n
strong momentum in emerging market economies, some consolidation of the recovery in the
/ V4 c+ q @ N' A0 W7 PUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
: B# }" A N$ r# f. Jin Europe. The required rebalancing of global growth has not yet materialized.
) I* |" u" ?/ M1 H PIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 P0 D$ |, v/ T" |# d8 r4 q9 [! Q
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 i$ A' B0 z( V* h5 Kvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result0 s; w5 P5 R" n }0 j" `
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
) b, G6 O. ?4 \/ O6 j8 J: H$ Oimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' ?* A. t, r' ?6 s) n- `9 i& gspillover into Canada from events in Europe has been limited to a modest fall in commodity
0 Y/ S" h# ?( A3 A% Yprices and some tightening of financial conditions.8 D6 A" S5 Y3 q W& \6 c+ g
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 K: k) ~$ Q# E2 uin the first quarter, led by housing and consumer spending. Employment growth has resumed.
, Q7 P6 @4 x$ R0 l& w3 UGoing forward, household spending is expected to decelerate to a pace more consistent with: [% I2 v8 U, R2 C6 E( O
income growth. The anticipated pickup in business investment will be important for a more
1 u( P: U+ K! c5 D5 i" L- j O0 Hbalanced recovery.
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- d& p$ U( h- A" P7 ~2 {CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
) O* u" @! S4 D. @* x" n4 s Q5 Ythe combined influences of strong domestic demand, slowing wage growth, and overall excess; T. E* j7 h) w' |! O u& u6 I
supply.
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" \2 V/ G1 m! M0 fIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and# u! i+ b8 p S# {
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
6 D7 N" F0 A# x8 N! k& ]monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 u+ ~% g2 ~8 u( F* l
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., b+ L) C7 j5 [. s
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
$ |. H0 d; h; S+ dstimulus would have to be weighed carefully against domestic and global economic
, [' w5 W' Y8 D& { x( jdevelopments.' y4 ]9 c/ ^7 ]' o7 H
j4 `; t- T2 gInformation note:
9 x5 m: H8 b9 r" U+ ]The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
" m l- g9 n9 ]; kof the Bank's outlook for the economy and inflation, including risks to the projection, will be
; D8 \+ E5 Q& f& `( O4 _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！