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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 G7 e5 X1 B: W9 o3 m& b
( e; ~$ L( }- ]2 o7 }OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
( ^" d$ A. `5 }) Wrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! T1 y5 e9 E! c! uraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 d0 |1 ? m0 L- R# Poperating band of 50 basis points for the overnight rate. i0 V4 W0 G$ |) Q; V
" U/ v2 ?' D; z: D5 DThe global economic recovery is proceeding but is increasingly uneven across countries, with
7 U$ I, Y6 I4 ~: Zstrong momentum in emerging market economies, some consolidation of the recovery in the
# E3 C/ G8 q* N& J# O/ N0 v& TUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
! I" {& @' K( ~in Europe. The required rebalancing of global growth has not yet materialized.5 F! z% s: }" x& w0 G C
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
, i4 L/ t/ J( y3 M4 [- t# Astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ @7 J. Z' e% Tvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
4 i4 Q' t ^) v; ?9 din higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 v8 q& o9 F/ Q
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the/ [. I" O2 k$ W+ x1 g6 r+ m
spillover into Canada from events in Europe has been limited to a modest fall in commodity
# L( v: m' F) o/ x6 I" X6 f4 gprices and some tightening of financial conditions.% N# {" x1 |! Y( {, v" Y1 b3 q
I1 e" f4 Y7 y$ @4 A+ h sActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent. c6 }4 c& B3 D8 ~0 J5 T' q7 S
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
% \9 _9 c6 d7 q# q# g" ZGoing forward, household spending is expected to decelerate to a pace more consistent with
+ d- F+ A0 V6 Hincome growth. The anticipated pickup in business investment will be important for a more: v' K5 _" \$ I7 R
balanced recovery.3 E- }( ~7 G+ y- R* Q
1 M, y8 b; u+ Q3 @
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! R9 Q6 M9 a+ B* c: E8 i. R0 ]. S
the combined influences of strong domestic demand, slowing wage growth, and overall excess" x+ [* U6 Y$ H6 l8 o7 V& b- Y
supply.
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: z( ~5 b! @* V! n' I. \. @In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and# Y% c) W5 P, S6 G2 ?8 _
to re-establish the normal functioning of the overnight market. This decision still leaves considerable / i$ J( `# C4 T- F7 {/ G% J8 d
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 1 S/ |) Z: J3 S G- T: M
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ ^; ?0 C; y8 H8 N: I& P T1 g: l
, b$ m1 j% l! vGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
. M4 q) [! k' y1 {7 Zstimulus would have to be weighed carefully against domestic and global economic
' W2 C2 X0 ^/ x$ vdevelopments.
/ p C9 G0 {' ~; H6 c, v# L0 S0 `9 q% a/ M
Information note:
6 { s" @8 w! G5 P' q% v. \& ~+ TThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update2 }3 H4 t# N/ q) u5 H6 A
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
" \% U4 a2 l. s/ g" v8 l$ ]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！