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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, K0 K" X2 r* y9 x' g9 R3 r! L
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
8 b2 J* R/ H7 a1 C8 hrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly1 w5 e) t( E- R
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 W9 \5 b. z* \, m
operating band of 50 basis points for the overnight rate.
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" Z8 s4 b* p/ i$ c6 eThe global economic recovery is proceeding but is increasingly uneven across countries, with3 L+ v) h% g- T: N3 h
strong momentum in emerging market economies, some consolidation of the recovery in the
" V: ~! U) |, }8 lUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
2 i$ G$ u" J# c4 c* Ein Europe. The required rebalancing of global growth has not yet materialized.
y5 U: Y( s# w) V5 cIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- V( \2 q% d% astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 u7 K% W# |" O9 n+ H8 I/ gvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# o8 H. ?* J4 N) }in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* d; F. h9 g( u- E- D* _) L8 h
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the, p1 z& J2 |" A& ] H. j
spillover into Canada from events in Europe has been limited to a modest fall in commodity8 E1 c9 i8 {- n4 V# m5 D
prices and some tightening of financial conditions.0 a2 [8 k/ O$ I7 T5 W2 P% O
n0 w- l$ w5 F" d2 J, cActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent+ T& C4 A- t2 ~
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
0 |" {/ c8 Y2 q/ e) pGoing forward, household spending is expected to decelerate to a pace more consistent with% O: R: i: }! f; W6 ~- D0 B# l* d& S
income growth. The anticipated pickup in business investment will be important for a more5 d8 r- g5 t1 y* I
balanced recovery.
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2 ?, n, M2 v# R5 p) M9 K# Q4 yCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 @+ o2 d" g8 L# y' o
the combined influences of strong domestic demand, slowing wage growth, and overall excess
" P J; \ U4 f' G- z+ Hsupply.
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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- {7 e- w* r: h$ w& v
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 7 X4 @' b1 |% r0 r+ V* M
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' Y6 M3 a- g" R9 V Q. x9 }9 T
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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! g$ j( ]1 w& C/ rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 f/ }" z, F- y1 H' `, G) jstimulus would have to be weighed carefully against domestic and global economic5 p9 k0 D9 z5 s2 p# |. ]
developments.
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Information note:5 C# G0 o& v% k+ A( @$ o
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. c6 g- t! Y# P$ T# r9 L/ C; E
of the Bank's outlook for the economy and inflation, including risks to the projection, will be3 ~* C5 R; P' S4 B$ N( J& s" O
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！