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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 e# K* i" ^/ J q+ N8 {, _
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 ~5 Y0 J3 c6 v/ `* d
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! P' ? @! m# q$ e% Mraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
k! s6 Z# O5 eoperating band of 50 basis points for the overnight rate.
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N. n, x4 ~; hThe global economic recovery is proceeding but is increasingly uneven across countries, with
4 F/ `7 w# _$ s' b1 P4 l1 Pstrong momentum in emerging market economies, some consolidation of the recovery in the
9 H8 [4 U ~+ e2 iUnited States, Japan and other industrialized economies, and the possibility of renewed weakness0 n0 ?1 N, J& K/ [+ ?7 }
in Europe. The required rebalancing of global growth has not yet materialized.
5 J( j; \+ B, @- {2 s( JIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 g% p5 [) b$ V/ v3 W4 Cstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the! n: k) E# g4 l2 m" z F- ~
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result4 Q) Z1 B) \% I0 o
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an+ e6 R, d9 {6 ?9 Z
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% o; X* v8 P: O0 u* Q; t% Uspillover into Canada from events in Europe has been limited to a modest fall in commodity
) O$ {* M6 }! h* g! Xprices and some tightening of financial conditions.$ t4 E+ M( X D% B' `* U# l
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; m& ~6 C- {; d' s1 |5 oin the first quarter, led by housing and consumer spending. Employment growth has resumed.8 P+ A u; K8 S3 Y q
Going forward, household spending is expected to decelerate to a pace more consistent with) i% [7 P0 ]1 P, S1 K T& e
income growth. The anticipated pickup in business investment will be important for a more
7 k; }' u0 ~# j7 G7 U+ c- |8 A9 \0 q9 A( Wbalanced recovery.3 {5 r$ l6 j7 _# C# F3 \
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects: o( q' I/ D" M# T
the combined influences of strong domestic demand, slowing wage growth, and overall excess* N! O, r8 o4 t z0 Y
supply.- L$ @1 g! U! k' v+ h) K+ g
/ t+ ^1 F; G' G' D% M1 D! RIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 |2 O) d& h- s2 D- Cto re-establish the normal functioning of the overnight market. This decision still leaves considerable 3 m$ }$ v6 h: C$ V1 R+ G
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ {% e) F( W x1 Vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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u5 h7 `+ R* q4 ^Given the considerable uncertainty surrounding the outlook, any further reduction of monetary9 Y& G. n6 v, G: t
stimulus would have to be weighed carefully against domestic and global economic
" {! m8 M$ }) B5 kdevelopments.( s0 q! v% H. X$ m$ x5 C
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Information note:1 w' e' k- D! p0 X
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update- C! | B, `4 A: ]2 q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be% S0 N3 o- U @% [3 f( r
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！