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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; k; q4 M& D3 M4 }$ M7 c
8 f7 b$ d. d. j- u7 D( |/ nOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ l4 g$ i, K. j0 z# y0 O6 xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) M$ M* s- e( n
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
/ Q1 a g( q$ r# J" X6 o, Uoperating band of 50 basis points for the overnight rate.9 g( @. b, H1 c% ]* l, s
1 _ ?5 x% x. Q9 X! Q5 uThe global economic recovery is proceeding but is increasingly uneven across countries, with
$ n4 ~& p6 Y* A8 m X5 l" Gstrong momentum in emerging market economies, some consolidation of the recovery in the
- c! N; s6 b2 C5 | QUnited States, Japan and other industrialized economies, and the possibility of renewed weakness7 I$ ~+ r6 Z( w2 A
in Europe. The required rebalancing of global growth has not yet materialized.' @9 c$ W% ^) [! X
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal I9 C* n# P' y% ^+ L: M {
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the4 D" X- ]/ U$ r+ B- s* v+ B$ z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result3 }5 l) r e" B. X
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; H! P/ [$ i, H% X( Z; u$ T
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
* n! ]' d) C5 \9 @* Rspillover into Canada from events in Europe has been limited to a modest fall in commodity
- U- R% b( [5 [/ ?) Mprices and some tightening of financial conditions.
1 y9 t! {% d; R: }/ f, ~3 _; r* ?
2 Y5 O0 N! l8 u! b0 p+ ?Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent) N& ?% V7 u5 Z2 E( ?
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
" P% o1 d& Q M$ u5 i, M& xGoing forward, household spending is expected to decelerate to a pace more consistent with
% [9 W5 O5 i, L' K" R1 C: B0 O$ Cincome growth. The anticipated pickup in business investment will be important for a more
/ N* h" i' ~6 N+ E! sbalanced recovery.
; B8 y8 h. p! r: A" j" }
+ W8 C A: S/ E) ^1 C- ECPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects, }1 T7 {& J2 [& H1 n+ M
the combined influences of strong domestic demand, slowing wage growth, and overall excess
+ U) U8 g3 I( o/ Xsupply.
8 [) s- t' g2 o$ U: }
( P% n1 F0 [ R* ]7 A4 ?In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
. k2 H u8 y7 f/ @+ {to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ i8 R7 I/ r/ B+ |% nmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 8 i; b4 s6 p4 N; E, Y% ~
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* d- r* l6 S: \) [# v
- }" b0 T7 r2 Q# kGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 {- a( G; M, Nstimulus would have to be weighed carefully against domestic and global economic% n1 w2 d# Q& d) C1 t
developments.
) Q! u$ P" n. T1 k A& w. t/ v4 a. w' E7 H
Information note:( Y1 I- U1 m! Q6 ~
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 I! i9 @ {+ P9 A9 a' L
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 O, t- \' E0 F' Npublished 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！