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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: V% F8 \8 k* |' m1 p+ x, A
0 ?* i3 z3 @: l& t" fOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
- g: w" F, e. L, Jrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
L% j" k$ r+ ` b7 C7 [7 w uraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 @3 x; V: V: Z$ R
operating band of 50 basis points for the overnight rate.
( q9 v- U/ Y5 [# B
" }1 H4 p: ?! k5 tThe global economic recovery is proceeding but is increasingly uneven across countries, with% Y$ N& W8 c, [1 q& r5 z, o6 r- i
strong momentum in emerging market economies, some consolidation of the recovery in the7 X& \8 K/ \7 q; M5 q, t* R0 A
United States, Japan and other industrialized economies, and the possibility of renewed weakness
" F, `" ]' h% b+ Din Europe. The required rebalancing of global growth has not yet materialized.( W( A# P" `8 T" p
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. F; v( `! @, F( T; U6 Qstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the, P+ L% s, E5 S
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ z1 M2 C t$ W O( W
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 b& t2 u9 I- S7 ^
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
2 z6 b2 I) C- ~; P O$ B; _spillover into Canada from events in Europe has been limited to a modest fall in commodity
# Q9 }- }+ g% fprices and some tightening of financial conditions.- W7 G" k' D$ s, S- Q
' \0 J7 e- D( n$ n7 uActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
$ _8 W: h3 W# C& h7 Y: ?1 Xin the first quarter, led by housing and consumer spending. Employment growth has resumed.0 O( C1 C% f* v: `: O
Going forward, household spending is expected to decelerate to a pace more consistent with
1 H# q6 s6 ~. g9 x. ~, Vincome growth. The anticipated pickup in business investment will be important for a more
( p' c& p! }, @! k/ M# dbalanced recovery.
( s3 k0 c* N- `5 B! b
/ T3 B1 D2 }9 {( O H4 B% FCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' C+ q: {. M# I( Athe combined influences of strong domestic demand, slowing wage growth, and overall excess8 o& h7 q9 Q& D' S: ^0 q/ y
supply.- N& p5 j5 e6 N) j! o3 s
* G7 V4 G* ?9 {0 c7 @, CIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! g( R. P: {, Q2 Y) P3 X3 {
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 3 p7 K; U: x) C. E8 x& T5 B I% g" X
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
+ J m; I/ r: m6 R' e; Tsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
" K& C" Y3 J; k# }/ Y) o+ c1 ~6 L9 K/ O1 ?4 h$ \
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary4 A. w/ j9 X& [$ E% W* B
stimulus would have to be weighed carefully against domestic and global economic
# d4 e* m5 S# O( s/ H( E$ |developments.
h" ~/ C0 E- W6 D$ l. x
3 N- R/ o5 q! F P6 eInformation note: v$ a( C: y6 b1 V1 o, q
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ f, X4 j% |3 c
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
2 T' S0 E" A2 A0 F! a& dpublished 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
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