 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
6 x$ _2 @# x& ]% r/ x
+ x) ~+ B4 s- q3 A' Q9 V0 f. |6 ?! tOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 T6 t- t4 g3 D- e) _: X8 a1 W
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
) E6 R7 G6 h* y( hraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal2 h2 L' L6 h: e
operating band of 50 basis points for the overnight rate.) g* o g6 K, j j' T6 A& `
, W- |# O% M! |The global economic recovery is proceeding but is increasingly uneven across countries, with
6 S# @4 w6 {* A! _strong momentum in emerging market economies, some consolidation of the recovery in the
* e( p4 e# A& S9 U; u& ~7 _8 dUnited States, Japan and other industrialized economies, and the possibility of renewed weakness# Z, m, Q, V; a% n H
in Europe. The required rebalancing of global growth has not yet materialized. ~* _, T0 u ^9 ?, s" I, h
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal1 v( j, o; G6 J9 b
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- w0 w7 j: B6 p
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
5 |9 Z8 x1 B. h \. ?: J1 rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an' G8 t9 g9 M1 |/ X
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 [; v. g2 I7 R
spillover into Canada from events in Europe has been limited to a modest fall in commodity
( Z7 K: M' q& n" iprices and some tightening of financial conditions.
+ w) k* Z/ E3 W) m( [4 \( v! V/ B" `# ~
; B( S8 W" f3 a; I6 S) {) aActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 D. J$ s% H. a/ ~7 s" P+ P& Sin the first quarter, led by housing and consumer spending. Employment growth has resumed.
5 N* ]6 u- w0 _ I7 F' l* IGoing forward, household spending is expected to decelerate to a pace more consistent with' X: j9 a0 K+ n( `; a
income growth. The anticipated pickup in business investment will be important for a more
% | { z% T" w" S, }9 N. Zbalanced recovery.: D$ H K* w5 @$ G) h: ?
; G0 X# B2 Y0 N9 D) A' R+ C1 g+ h1 |CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
% a# Q3 g* ~3 ~$ r P: v4 Hthe combined influences of strong domestic demand, slowing wage growth, and overall excess4 Z) [1 i" y; l
supply.
% @7 A/ S4 i! y+ c. J) c
0 U0 K& {* G0 fIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 G3 L# `! J* v" @" w1 g
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 L) P( p; q+ D5 w& t1 g! lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # J: d7 i3 A- P! D. R4 ]4 V
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
. y5 b$ a" b- _/ \6 Z8 f: Q( ^6 Y
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
% @9 x8 X. c4 x9 f5 Z4 I! f% }+ Astimulus would have to be weighed carefully against domestic and global economic
* Z' M8 @! R. U. |4 I; F( M* B3 Kdevelopments.
- q& y) K6 O# ]6 O- v+ `* e
f" o8 w: H" T+ l- g% FInformation note:
3 p" g& o8 u e4 T" r8 q' jThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
* @- ]5 t: _( Q9 B- i+ U3 `, A6 E }of the Bank's outlook for the economy and inflation, including risks to the projection, will be
" G( L) \- O/ u$ zpublished 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！