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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$ A% W! Q# I% l2 k$ t( b
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) U- a! Q& q' {- l
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
6 `1 T$ Y" W7 b8 @+ N6 m3 J8 oraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal o! E7 J! z! O B$ d" p
operating band of 50 basis points for the overnight rate.
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% S% J0 V- D- h/ Z: Q. h3 PThe global economic recovery is proceeding but is increasingly uneven across countries, with) c1 \( u6 T9 w$ _; z6 \, J* E
strong momentum in emerging market economies, some consolidation of the recovery in the
2 _% c/ l' i- z( oUnited States, Japan and other industrialized economies, and the possibility of renewed weakness& E8 J' `( a/ L4 p! e0 _
in Europe. The required rebalancing of global growth has not yet materialized.' {6 { k" k4 p1 ~- W4 g$ p* m* ~
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# i* P& P2 c: `$ |: Pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the! k/ w+ S; Z4 Z4 w( j; g5 N
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( K, P: A5 x+ v- t1 l
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: j+ q% ], O* H9 @' v% X3 {
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the) L$ z$ Q& {( C7 F c w. H* Z
spillover into Canada from events in Europe has been limited to a modest fall in commodity
7 ]/ x& X" P! m# u' L) X9 Kprices and some tightening of financial conditions.; ]8 g, o$ }8 p1 b8 k
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 w1 }$ u2 X1 y- q7 ?* |/ ]6 ain the first quarter, led by housing and consumer spending. Employment growth has resumed.2 ]. |1 k; r& g. o! `' r
Going forward, household spending is expected to decelerate to a pace more consistent with
o# l; g } k4 `$ k, K4 U, V+ Dincome growth. The anticipated pickup in business investment will be important for a more9 H! d/ d0 ^# h3 B0 ^
balanced recovery.
* J ~+ w) w5 m1 }2 x" ?0 u; F* T/ [
8 K1 F- f8 B1 D3 y; c2 k8 E: U/ RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
( s" [+ H. l$ q8 D/ b3 bthe combined influences of strong domestic demand, slowing wage growth, and overall excess: m% k1 \1 I+ F( D5 a, Q5 K
supply.3 M& r0 k, c! i& Z
$ r- ~' u: x, D* VIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 I3 H, V! c$ |0 A3 M9 w0 J# \
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
! M0 K2 n$ i# {: W- [! |monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 g2 |6 |: Q4 N- t: ~# ]- T, |/ usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 v/ `% ]9 V7 C, x! {" G2 C( p1 ?
- Y! p. L+ A8 x: a `" iGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
, [3 w4 o6 O. ?; T; R- Astimulus would have to be weighed carefully against domestic and global economic6 d0 r% V1 }$ j: b F4 Z
developments.! u- G% U- Y* q0 z7 X, f4 X9 B9 h2 a
6 p f2 `# ^+ Z2 c: o$ CInformation note:
, k1 q# V6 C% `% WThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( K- N% h% K* j" \" h: _of the Bank's outlook for the economy and inflation, including risks to the projection, will be: w9 n; J8 N; X* V+ F' b
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！