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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 d$ b, v( K! }* I% T
* o1 y/ \7 p, O4 JOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* C, `6 X, r9 a5 j( z- U7 ?
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
* M; }1 ]+ D3 P5 Wraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal* W8 I9 X; H7 ~! _
operating band of 50 basis points for the overnight rate., y% p% l" I8 U, d5 x+ x) {& ^
8 a1 h$ q6 c2 v, E* t
The global economic recovery is proceeding but is increasingly uneven across countries, with: T+ L: R! H' g, j/ [2 t& Z1 W
strong momentum in emerging market economies, some consolidation of the recovery in the
) n1 R$ O _. f2 l' X7 EUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
8 M+ W- i$ C8 r+ Din Europe. The required rebalancing of global growth has not yet materialized.
$ U5 q- C- G _0 c* o% @In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
( U9 E$ E7 P7 [% a# \+ b6 Estimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, I% Z0 q. k+ x9 Avariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result! C a, G' a) c3 p9 n! B1 e
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
' N6 ]7 [ t$ limportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the/ u+ ]8 h% I/ z( a$ d
spillover into Canada from events in Europe has been limited to a modest fall in commodity
6 m# l, J+ a# c kprices and some tightening of financial conditions.
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$ {+ q, {5 p% k7 f( WActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
R$ L5 m) J. O. win the first quarter, led by housing and consumer spending. Employment growth has resumed.1 z9 b0 v* _0 L. S, o& Q
Going forward, household spending is expected to decelerate to a pace more consistent with0 ^3 w6 r& I' p9 }* f4 ~/ H
income growth. The anticipated pickup in business investment will be important for a more
# b& G* ^ X0 V) J' A5 abalanced recovery.: a7 l' ^9 m" k, i" f% f8 u3 M
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ c* D' I$ a0 |# t, u+ T, ^
the combined influences of strong domestic demand, slowing wage growth, and overall excess$ d+ B( t+ V% f
supply.8 ^+ z( n+ r' h1 M- d4 }3 i" _
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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
+ R* T3 o5 k( Q7 _) ?to re-establish the normal functioning of the overnight market. This decision still leaves considerable
\4 q/ O* @4 Y. p) amonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 2 l* H* t0 L3 C& ~8 q. p
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.; t9 n [- w6 |- o i; \
: z1 r$ F4 |5 p! \& a1 {
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
; R. R2 O H' P! X. j1 a* v% sstimulus would have to be weighed carefully against domestic and global economic
2 C% n: @0 y2 Vdevelopments.
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Information note:
/ Y( r1 ^2 G" f# \The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
2 v+ N/ Y/ E* \9 X, k0 Jof the Bank's outlook for the economy and inflation, including risks to the projection, will be$ t: [- }3 W( _3 O
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！