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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight7 G' G! L0 E+ x' x9 C6 b* `- A
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly$ f2 }- U, D" w; n6 p x( i
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
d* g4 g z" `operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with! t9 ^/ ~' |7 H; [5 t
strong momentum in emerging market economies, some consolidation of the recovery in the
* d* B. c0 S* v& ~. D" o: YUnited States, Japan and other industrialized economies, and the possibility of renewed weakness/ _9 Y3 ^' `4 o6 b4 F
in Europe. The required rebalancing of global growth has not yet materialized.& t1 ?+ l+ L/ L" L) z" |1 X- _8 p7 a
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal4 b; j( r/ h' g9 N1 h6 c9 N
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the3 k% ?; c1 |# ~" z4 V
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result W$ d% ?( O* U7 S
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 \; D- B; X Z
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
; Z/ ^4 t6 r" C3 }% n' k0 Y9 j" dspillover into Canada from events in Europe has been limited to a modest fall in commodity, \: a! ^4 f* |$ R0 K
prices and some tightening of financial conditions.2 m9 o e: i" v2 y
7 ~) Y' F! k, OActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 |# d# y9 I$ A9 Rin the first quarter, led by housing and consumer spending. Employment growth has resumed.1 `- L; m5 S% R; e! l( g
Going forward, household spending is expected to decelerate to a pace more consistent with: S: d8 e) f {: s2 v6 w5 O- v
income growth. The anticipated pickup in business investment will be important for a more: w' T/ j7 Q9 u( N8 ?/ j, A
balanced recovery.3 d' w8 [1 d5 s5 s
' d' U q4 i; aCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# n$ n& g3 ?; \% j' e M7 j
the combined influences of strong domestic demand, slowing wage growth, and overall excess
: l' t" }6 m7 } Ssupply.
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7 E/ C/ d& K6 N- dIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 n4 m7 w5 a: |0 Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 W4 R/ g2 o8 P) Ymonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ) N1 R. a/ ]& k$ I6 w
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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/ I" p( e$ u9 l5 ~$ {* @' u2 L( e/ HGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary1 N- A, L! r5 {
stimulus would have to be weighed carefully against domestic and global economic% H+ r. m# d! s% s0 p
developments.' U' w' @ c' s5 f+ O$ M6 M s/ v
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Information note:6 D% }. c- u/ T& {0 v
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update: T) Z. [6 p$ p* F& r+ b
of the Bank's outlook for the economy and inflation, including risks to the projection, will be: p$ n2 }$ Z5 L" X' D
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！