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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight- [- }' }+ h: }6 t! J
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# m2 w+ N+ N& h5 lraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. A" s0 k; F2 Y2 o; Loperating band of 50 basis points for the overnight rate.5 ~) I6 F4 Q6 G
}6 M; X n/ S7 P3 `* C1 k# G1 d1 P$ oThe global economic recovery is proceeding but is increasingly uneven across countries, with* j- v# e5 A' ^$ y# b
strong momentum in emerging market economies, some consolidation of the recovery in the4 n, }. ~+ l7 }# q( v! t
United States, Japan and other industrialized economies, and the possibility of renewed weakness6 |3 l- f6 f9 b* _: d! k Y
in Europe. The required rebalancing of global growth has not yet materialized.6 a; O D* o* h+ q& v
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
/ [2 N* Q r7 Rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; U: ]+ p1 w* u7 u% ^variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result E& c, D! f8 L
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" E0 _) _$ {+ m+ @
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' J& J0 t- N- P8 B' W1 B; A' Qspillover into Canada from events in Europe has been limited to a modest fall in commodity' L5 L0 V. r' x3 U3 E
prices and some tightening of financial conditions.2 M8 E, ~- ^5 ~
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 f2 f1 U, Q2 y9 I% t/ c" `' j2 Nin the first quarter, led by housing and consumer spending. Employment growth has resumed.! ^1 k! R! R$ Y
Going forward, household spending is expected to decelerate to a pace more consistent with, C3 e; u0 l: N8 S& W" S
income growth. The anticipated pickup in business investment will be important for a more7 |- c) { i- b2 {5 R
balanced recovery.3 @0 M2 |2 u: Z/ V9 r ?
. M) m# l9 X$ zCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
. Q9 f; N( V& |* {" c. n8 hthe combined influences of strong domestic demand, slowing wage growth, and overall excess) P1 k# O3 x0 d5 f1 R
supply.
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7 `1 U% t4 M( T! |/ B# RIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
/ V$ u2 V& x! ~9 `5 j; ^to re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 A+ a% X. ?% x, h' K" s* H
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the , W4 o& @: X' B, y) ]5 s
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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( C1 w+ V6 J" q! GGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
- z7 t4 [& A9 t; y, qstimulus would have to be weighed carefully against domestic and global economic' x% q, o. ?) |; e7 Q
developments.6 i" `" f6 q1 Z; Y3 ]
( B4 e8 s5 D: N" I" M) FInformation note:
8 t" [8 h+ d- x3 g5 R7 w- {; a& bThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( P+ j5 f5 k0 K' h* _0 Pof the Bank's outlook for the economy and inflation, including risks to the projection, will be/ \4 Z3 V) a8 r/ G
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
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