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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) J" M! E7 V; P' G
: |% w U1 W) pOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 }4 B: N. H" M( ] o2 |
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, V f# u6 ^1 d/ qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 X2 r( d1 u' ?" C; E
operating band of 50 basis points for the overnight rate.. n' K6 l$ _; ]/ _/ o
- l' B. a" H3 dThe global economic recovery is proceeding but is increasingly uneven across countries, with% A3 o; T* L! m! G" Z+ J
strong momentum in emerging market economies, some consolidation of the recovery in the
6 y9 `, c, v2 N* rUnited States, Japan and other industrialized economies, and the possibility of renewed weakness% J2 q9 f0 r' s8 y
in Europe. The required rebalancing of global growth has not yet materialized.
+ @ X+ H; s% J; k2 ]In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
b* U% z, G$ \# e, `stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ h9 T* B% ^) D# U3 C1 r/ Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
) b1 K0 r1 z7 f; t7 Q* gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 o# W& o$ W$ j) ]' [8 r% k0 @2 simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- V$ d" P' A# cspillover into Canada from events in Europe has been limited to a modest fall in commodity! P( }' f8 d$ q( E9 R1 f
prices and some tightening of financial conditions." V' }- C4 p1 `
. f" Y9 N; Z/ |( m) R
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& ^- j8 ? s9 N8 }
in the first quarter, led by housing and consumer spending. Employment growth has resumed.# j ~) @. k* ^; I, W; A
Going forward, household spending is expected to decelerate to a pace more consistent with; K6 Z6 y4 [6 q8 {
income growth. The anticipated pickup in business investment will be important for a more6 [& v! {- X; j
balanced recovery.5 l) {0 Q' i; m- ]
0 A8 f8 H3 l/ J* V7 w3 B+ U# |3 \
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
3 K5 ?% ^; V0 ^* G9 pthe combined influences of strong domestic demand, slowing wage growth, and overall excess
4 r1 U# Z& q* z% r9 ysupply.
6 H" {. F _ i7 d9 x: r, j: \9 h3 h) }) [7 n l/ _' i) U
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
1 s; o3 g' H2 V9 nto re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 J5 J, s9 `- \monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
' u% M }7 r+ n3 a9 c8 d; esignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
) k) f! m9 e3 g8 R+ _3 h
n! n' V1 }' UGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary0 U% f9 p6 x: H) I# ]8 }/ _# }
stimulus would have to be weighed carefully against domestic and global economic
( S- k: n! ?% y; o3 `+ M8 Pdevelopments.) @% ?5 G. `8 c/ s
+ N6 y) P+ D5 S6 }
Information note:
. V1 B, [$ q( `! QThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 c# q- a* p6 w1 `5 nof the Bank's outlook for the economy and inflation, including risks to the projection, will be! ^9 Z9 U" C5 f! s! {
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！