 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
+ z. K. o% d( g( [( f' o( W& C4 g2 U/ O& Y, }# K
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
! c' J' C7 N# ~3 O: U. N) u! Lrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly- i. E0 _( B+ m6 {% T6 S
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
$ J# p' x& Y# V2 v Soperating band of 50 basis points for the overnight rate.7 P) z1 S, W. I9 R; m& R. n
( f: c6 _* c( n7 n1 |The global economic recovery is proceeding but is increasingly uneven across countries, with
/ n" Y2 X5 g# X) J9 bstrong momentum in emerging market economies, some consolidation of the recovery in the- f- ?* c1 ^+ R0 f2 I# d+ @
United States, Japan and other industrialized economies, and the possibility of renewed weakness
- F" n) X O* z" O" u _" \in Europe. The required rebalancing of global growth has not yet materialized.
+ m5 u, }) D. S/ Z+ QIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal4 F( N3 u9 H9 P7 B- }1 r- |) h( u$ \
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ k$ ?0 G1 D4 x, u% y- pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
5 F* i: c, h/ O4 w# Min higher borrowing costs and more rapid tightening of fiscal policy in some countries - an2 B- ~5 t) G+ V
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the o) w8 q. x2 b2 k- U+ i5 @, o+ y7 B
spillover into Canada from events in Europe has been limited to a modest fall in commodity" n ~7 P7 @! j6 L) w3 q
prices and some tightening of financial conditions.) O! G+ r& x6 A0 t8 `- z5 z0 P, u4 j
0 H9 o7 G; U& c) t
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent% T5 ~* X1 `5 c5 t6 w7 ^. f
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
U+ R0 @" H/ @& \4 ?Going forward, household spending is expected to decelerate to a pace more consistent with7 \7 }8 }: H l1 I: o! Y
income growth. The anticipated pickup in business investment will be important for a more: W6 y+ \4 M0 r* ^% i
balanced recovery." |1 {( O7 [1 B+ m) \4 s7 `( ~
& s0 i) x F8 u1 ~# g$ M
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 Q9 V% p' I" Q. Y( P& wthe combined influences of strong domestic demand, slowing wage growth, and overall excess( ?. O4 F7 U& v! b I v
supply.' O% p$ y' p2 \' I) p% J
0 v! H5 x) v, M6 o" p9 ?1 DIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and a; W6 v! p; s! X$ `
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ?& [* l* P; i9 c( u
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - U" S6 O: n; _
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.. b& u8 O8 V# c6 J$ J+ l
Q* V# m' s" a/ h1 pGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
9 _& ^4 V w3 N) tstimulus would have to be weighed carefully against domestic and global economic
7 d: v$ O2 ^8 J9 l2 U8 P7 [2 Odevelopments.* R! l# Y$ s4 Z j4 [; Q' r
* U! b9 ]/ r. n! k% e, T, N7 Z
Information note:% ~( d/ I( _* ~: Y6 j% c
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ D- K6 x8 y8 C+ j7 W6 j( Uof the Bank's outlook for the economy and inflation, including risks to the projection, will be1 r9 @" ?: C- T3 l3 P. t
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！