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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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% F* y* T4 S' P6 n: DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight- U& g! H( {' {, D
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly' N. h5 G* ?8 F
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 F; N+ n, V5 ?operating band of 50 basis points for the overnight rate.
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: b6 [5 m2 q5 {8 x; g& SThe global economic recovery is proceeding but is increasingly uneven across countries, with
# E5 K! R. U7 _strong momentum in emerging market economies, some consolidation of the recovery in the
; }; J9 v0 h U2 K g& fUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
* l! x0 F& ~3 P. P* ain Europe. The required rebalancing of global growth has not yet materialized.1 x& ~, u6 D$ g9 j) P8 v
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& M) n4 L' z( I" t; i! xstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 \& q2 e+ ^# ^* ~- wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 m' h+ x5 N8 q5 [: S2 _% Ein higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 t7 _- L+ J( b1 Q9 }important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 }; v: T8 w# N9 w2 N2 Y' Uspillover into Canada from events in Europe has been limited to a modest fall in commodity
3 X9 h ~9 P" H5 W3 r9 H2 h$ ]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
8 F7 R1 h. X' W# f6 Qin the first quarter, led by housing and consumer spending. Employment growth has resumed.
# ~, G& W6 ^# UGoing forward, household spending is expected to decelerate to a pace more consistent with. K' F! P4 u2 t/ U( \
income growth. The anticipated pickup in business investment will be important for a more& m% |; x4 g* }
balanced recovery. ~3 y+ @7 u% \, a6 f
1 q# G$ F$ k+ D* k% k0 K* lCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects: D0 |% S/ q" z. R
the combined influences of strong domestic demand, slowing wage growth, and overall excess
; V6 v- \6 _ u5 zsupply.. I& ^; N2 k1 f5 o8 j
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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' k- \3 \. j7 \1 _
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 6 t X- W) k6 e; K& W! l3 E6 R
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
8 `8 |9 X: B1 ~2 G# ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 I* K: y# B# n% C2 x* w/ ~# x/ A; @
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary% Y! _. D3 D" z/ ?
stimulus would have to be weighed carefully against domestic and global economic
6 D* y, I0 r0 _developments.7 b Q, `+ ~! r
?1 U; e, N. a- k# W
Information note:
+ Y: |0 o) B1 o+ e7 K$ a* d6 v& `The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update2 L% B, c$ b: B: P4 [" _
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
# p% L( x5 A. Z: y& epublished 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！
