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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! u/ i% ^) W) u3 b* ]/ C: B1 c4 \
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* `; c7 V+ V! e/ p
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
B) r' ^1 ]. Z' y {6 Braised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal: q z8 V# [6 N) W
operating band of 50 basis points for the overnight rate.
7 B) v/ a2 _- b5 P% x$ B
% Y3 [2 m" b e: UThe global economic recovery is proceeding but is increasingly uneven across countries, with
6 |1 d D- T1 W7 }* h2 t {+ ]strong momentum in emerging market economies, some consolidation of the recovery in the2 r8 y; t2 c* {7 b
United States, Japan and other industrialized economies, and the possibility of renewed weakness
, q, q/ x# S9 din Europe. The required rebalancing of global growth has not yet materialized.0 J4 J& G) V% @1 |: U3 e7 J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& D$ V1 p1 P) `5 ostimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
9 A' m2 `$ _. e: ?variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- m" R' S& H" @. o# X
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
1 @) G+ j! ~2 f e: l8 i( cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the' x* x$ k6 Z% P: R a$ d
spillover into Canada from events in Europe has been limited to a modest fall in commodity
4 s C( y T+ G' _$ q) rprices and some tightening of financial conditions.- H! T5 F x1 |9 W' t; v- Q
! j' x, R4 n& m' i) [
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 ~" P% B) p, d) W! n0 F& Oin the first quarter, led by housing and consumer spending. Employment growth has resumed.
[# j# `5 d& ^" u9 C6 R0 S- RGoing forward, household spending is expected to decelerate to a pace more consistent with0 {: R. g u K+ k
income growth. The anticipated pickup in business investment will be important for a more( |' v( `- Z; X
balanced recovery.% ^6 l$ a0 O5 o8 X( l2 i6 }
: C/ F/ r8 q8 _+ Y0 ]1 ?& _CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects: [4 }+ y% s% l* a+ D8 F [8 W$ d
the combined influences of strong domestic demand, slowing wage growth, and overall excess
5 y0 r) J" h& d. e& d6 usupply.
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4 L) n/ i& N: h' X0 R; w% JIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and: |& ~5 Q0 U L% \0 q
to re-establish the normal functioning of the overnight market. This decision still leaves considerable + O5 {' t+ i& _& J+ O; h' x
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
: H* f+ y: _. A Gsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
+ p1 ~6 l8 r6 e: D) F1 d1 v3 n; x' s1 _8 m$ X6 c
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 o% q! L& f* t/ c# L! F$ \8 astimulus would have to be weighed carefully against domestic and global economic! g* C6 e4 P7 R
developments.6 `6 P$ e% i- |. Y e
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Information note:
' m+ y& Q/ O3 L! _+ w+ Q8 nThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
! F1 d; l$ j3 z1 Z6 M. |of the Bank's outlook for the economy and inflation, including risks to the projection, will be: A% _. V* G, K
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！