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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market0 }, C6 G8 X& t& H) Y9 _
" x$ c0 R6 V. w- ?) gOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
3 f; Q$ R9 {# S8 c' N8 S, rrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% i( R# s! E3 b7 @- A |( a, \
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
$ S1 c- E: V$ J" Joperating band of 50 basis points for the overnight rate.
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4 {, H5 L2 r5 | @; A5 hThe global economic recovery is proceeding but is increasingly uneven across countries, with
" B% P9 f Z* E9 Nstrong momentum in emerging market economies, some consolidation of the recovery in the
0 b& M! m& o0 Y7 O% y+ u; gUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
" s0 H$ s/ P0 C# \in Europe. The required rebalancing of global growth has not yet materialized.
6 r9 i% r* [; b( TIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 h% `* J! @7 L: }) }
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& r8 _3 |' Y' q$ H) ]
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result$ T6 N i( k0 H
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& s3 I* ]! G, h# a3 m
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! |* X5 ? f9 I& N0 \% J
spillover into Canada from events in Europe has been limited to a modest fall in commodity
: I( k2 g, |6 ~+ u6 Lprices and some tightening of financial conditions., U- d# `, a7 S6 q& x* p
a, t3 x3 r/ O r/ J
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent# L) s6 p2 p+ w& Z% c: G5 ~$ ]
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
* P% o9 ^ V! Q% x- KGoing forward, household spending is expected to decelerate to a pace more consistent with9 g" E" E! s0 v; S$ K6 }
income growth. The anticipated pickup in business investment will be important for a more/ P0 V/ G! C* V% `6 }
balanced recovery.& M' A, @" }8 P9 d& g
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' ]/ \1 R* b; gthe combined influences of strong domestic demand, slowing wage growth, and overall excess# N& s) U/ i+ p/ ^/ ?! w4 P
supply.
l# X- z5 Z$ N G9 M4 E ?: i
+ a1 @& K! G9 p1 K6 q% F5 E( KIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and8 T4 n" C F* e. {0 N: P. O' U
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ A) {* H8 P# s/ S) J7 K5 w1 Qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 H/ M) ?- P9 D Usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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4 K. k' j; |; O" @0 E3 I9 P! OGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary9 A# ^/ y8 O1 ]8 o4 Y0 e
stimulus would have to be weighed carefully against domestic and global economic; S0 n5 `' H0 C) z# B! D4 O
developments.- C( d0 i1 ?$ z
7 {% h9 o! e& b3 G1 [Information note:
6 T% O/ J( k4 uThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 s+ u% Q* t, Z- Nof the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 t$ t( r) W$ L+ X2 d* cpublished 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！
