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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
/ f" V `+ l" o M2 \$ qrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 d* U6 n0 w# }- m
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
1 U4 w: o2 i6 g+ |7 joperating band of 50 basis points for the overnight rate.8 a l' u0 Z0 Q. o
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The global economic recovery is proceeding but is increasingly uneven across countries, with, G- ~' `. ?! s9 s3 x6 A1 L8 P
strong momentum in emerging market economies, some consolidation of the recovery in the5 r% X9 n r4 S* t
United States, Japan and other industrialized economies, and the possibility of renewed weakness
# Q2 N$ `3 [% F; g8 |in Europe. The required rebalancing of global growth has not yet materialized.
# k }/ U" l& k! F1 [% U6 \In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# L* B9 K4 x! j+ pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 a8 S2 w: C" A5 {
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
; O$ |. a( A' `' S+ b# r, hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; p8 a+ H9 q$ B4 U
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 |/ H4 M- f, x2 `' A, K/ H. h5 L
spillover into Canada from events in Europe has been limited to a modest fall in commodity
0 X* [" P; A9 ^8 O" jprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent0 u( x6 n5 G" h
in the first quarter, led by housing and consumer spending. Employment growth has resumed.9 V' d7 d8 Y$ k: O7 ]& l
Going forward, household spending is expected to decelerate to a pace more consistent with6 C$ G0 B# u! u s0 B/ M8 w
income growth. The anticipated pickup in business investment will be important for a more
- M) j2 m. A0 x% [/ _! g! T, E2 Pbalanced recovery. a' S" }- P$ l. N7 @
$ M$ w5 O( e+ Q7 w% ^CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% @/ r. K$ W# ^( i. b6 c4 t! E# o
the combined influences of strong domestic demand, slowing wage growth, and overall excess
( H7 K, ], A; P, M8 u" rsupply.
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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
" m7 R4 c1 H" v5 y9 F/ ito re-establish the normal functioning of the overnight market. This decision still leaves considerable
1 }0 {1 P% n2 A% H+ Pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
* B- M/ K* |( L; K9 c/ N7 ]significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary; ^* {. |, N% T
stimulus would have to be weighed carefully against domestic and global economic
3 B8 r1 j { i% D# c3 Wdevelopments.% g. q3 D5 A0 R# A. q* Z
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Information note:
5 H' `' ~4 ~' `. E6 c! R; _* D' QThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
8 f' E; s3 u0 Y) u2 wof the Bank's outlook for the economy and inflation, including risks to the projection, will be6 q' A5 v# z: x3 T7 G9 c
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！