 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
( V% j" U9 x9 B7 C4 P6 s( z# a/ R" j$ U* }' W" |$ Y* d) _" u
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" c I6 R" }$ \) P5 \7 h/ l
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly! `: I6 q. r' j) V" P
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal5 U9 N; u& D2 |
operating band of 50 basis points for the overnight rate./ f, H( @" F( U& K
5 h3 u( q# F3 A# Q) H K
The global economic recovery is proceeding but is increasingly uneven across countries, with
7 K, M& m& ]' o6 O2 Y6 Ostrong momentum in emerging market economies, some consolidation of the recovery in the# b' h2 s' x& ~6 `! d( f9 U3 n
United States, Japan and other industrialized economies, and the possibility of renewed weakness/ J& a2 f6 ^( V' l
in Europe. The required rebalancing of global growth has not yet materialized.7 _% G$ R0 m; D9 d U- J0 E
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
C! z2 a$ J4 s, |4 V! D- bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 O5 m4 Z9 @. F3 ~9 qvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result5 T- b4 A& u3 \& U9 G; R- e) \
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
* h; h$ y2 f6 v2 `# _0 M- [/ b+ mimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 m; W! @6 @) C1 cspillover into Canada from events in Europe has been limited to a modest fall in commodity
' H( S i. T) M8 A1 H, |9 m$ Iprices and some tightening of financial conditions.6 {3 T( V: u# A& Z E
0 m% U X8 b; B' {Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
( j2 D; A8 a/ jin the first quarter, led by housing and consumer spending. Employment growth has resumed.
3 O& O) ?: y$ ~0 N* s5 O, ]; p5 kGoing forward, household spending is expected to decelerate to a pace more consistent with
4 ]! W' z- N4 C% x! t0 Aincome growth. The anticipated pickup in business investment will be important for a more
5 r: Z( I' L( P0 Abalanced recovery.4 ~5 d7 z. v4 ?6 J) N/ `8 C @1 Y# I
2 t; m( w+ t/ R' H% Y" ~CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
7 l4 P4 ]% U) m; T7 c' V O: Bthe combined influences of strong domestic demand, slowing wage growth, and overall excess5 j! `% f$ \1 T' S6 q9 L
supply.% G! p4 Q. x" q
. L3 R) s, K, j2 I! c) [" s, v
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 T+ M' u$ \* p$ jto re-establish the normal functioning of the overnight market. This decision still leaves considerable % ^' M( h9 Q$ K& }8 }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ V) g$ X$ r- @) [significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
% |2 T3 B+ P$ {( b) P! T7 I
) A8 n+ Z2 e6 z# d8 LGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary2 N7 z4 b; L8 p1 d
stimulus would have to be weighed carefully against domestic and global economic7 w" s% p& }# m
developments.
& {0 t2 q9 Z6 r# @; R1 U6 D4 o" k1 N! a# T4 L( c7 U
Information note:
. i* R1 E8 t3 ]# NThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update% C7 r `1 T. n( t
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
; ~# D+ `! @' u2 q4 W; l* ?' k* qpublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！
