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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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( N/ z3 P+ z: C, a SOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
' V8 @3 \) L- ]7 a$ o1 crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, S* `* `' m3 q0 \7 p
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal T. x; N1 `4 `" a* G
operating band of 50 basis points for the overnight rate.: Y# w. O8 b6 ?" b/ n% L/ M
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The global economic recovery is proceeding but is increasingly uneven across countries, with$ Z5 q; ^5 u+ Q0 i
strong momentum in emerging market economies, some consolidation of the recovery in the
6 q5 K) L. X4 x, pUnited States, Japan and other industrialized economies, and the possibility of renewed weakness3 p" c I- h4 r
in Europe. The required rebalancing of global growth has not yet materialized.
1 Q ]) h2 C: S9 R+ CIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
) y/ q+ k/ |1 I( f V- |0 bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
' W% ]( j- f. \, O6 [2 avariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result {6 H5 P# H v2 E5 G
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
! L# G; I9 q/ ~3 x; W6 Aimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the; U- ?. a2 e* j5 J
spillover into Canada from events in Europe has been limited to a modest fall in commodity6 L- h2 A" ~& O+ v% y
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: k% b: S5 O1 K+ }5 x6 s" uin the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ }9 v3 c& J: n) Y1 Y. `; L* oGoing forward, household spending is expected to decelerate to a pace more consistent with
2 S4 T; Y' E1 vincome growth. The anticipated pickup in business investment will be important for a more
' W! {8 O, n% O9 Zbalanced recovery.) b7 ]8 N$ ^8 x) W) @$ U
8 ~1 a' L) R8 z' ^2 C& _5 GCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
6 B9 O1 J# W( _ }the combined influences of strong domestic demand, slowing wage growth, and overall excess. A. N6 E7 j- t! ~% N1 L" ~
supply.
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% j6 g" T) C* vIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
& b9 @1 }8 c) sto re-establish the normal functioning of the overnight market. This decision still leaves considerable ; o+ a3 o: F1 K: L- @# w
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 1 n) T( u+ n, _6 x$ v. @
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 {1 n4 k0 a' b- ^! h) t/ O1 O3 }. N6 t C
* G, D* K( Y9 T& sGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
: i+ h: I7 }9 V& U4 Y) t, vstimulus would have to be weighed carefully against domestic and global economic
& y2 u" ?/ |4 Y$ C% Y7 A) [ D) ~6 Gdevelopments.
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Information note:1 |8 v, r: \+ |6 E, x, o
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 y4 i3 `- ]$ I' nof the Bank's outlook for the economy and inflation, including risks to the projection, will be1 o8 R$ B# k/ V- P/ ]
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！