 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
5 f Q) M! o3 Y$ C
; z, @) C% k% U8 d# y6 TOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# N( r J2 g: t+ Prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly+ _5 {1 ]- ^5 O S
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal) d- i- d- y: T6 K; l5 w
operating band of 50 basis points for the overnight rate.2 y1 U, W8 T4 V2 N4 F9 c' a# _
o' K4 l( E. }! w4 s, v
The global economic recovery is proceeding but is increasingly uneven across countries, with
% q* G7 z. ^6 cstrong momentum in emerging market economies, some consolidation of the recovery in the9 W# b, F( D' @/ x3 g
United States, Japan and other industrialized economies, and the possibility of renewed weakness2 s1 M5 ^; e- W# E6 X/ t: {
in Europe. The required rebalancing of global growth has not yet materialized.
3 G( g9 R! v! _' k fIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 q4 u. x; C" _4 S
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the, P6 n y9 |8 r. `3 N
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
% Z# {- L2 Z% v$ K$ ?6 `in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 Y# p" \# h2 |. g2 x. V# |- Fimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 n( R, b* f8 G. b8 D4 @5 g) h; ]( m0 E
spillover into Canada from events in Europe has been limited to a modest fall in commodity) B' y# t% N) b3 F2 e
prices and some tightening of financial conditions.' U1 M8 Z5 g- H2 n
( I5 j6 I- V3 g/ D: H% d
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* g1 P; j3 c2 C( \in the first quarter, led by housing and consumer spending. Employment growth has resumed.
6 J" R7 y" [' G# q/ xGoing forward, household spending is expected to decelerate to a pace more consistent with: R( i+ {6 h, I
income growth. The anticipated pickup in business investment will be important for a more
6 J1 |* z! e, \balanced recovery.; m( n) e g6 B% b- W) i+ w
/ I$ I* }* G2 D* w& k. K* N
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ o, _4 I5 F1 t5 [7 R
the combined influences of strong domestic demand, slowing wage growth, and overall excess) B' H1 Q A+ N5 }' r/ I/ _
supply.
3 x# e% n& p5 M( [. w' c6 Z* M& d) Z2 }" \7 Q6 c
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
# D6 ]4 q5 w4 d& Gto re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 e. w$ j1 {! f$ Q9 J
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
* m; _, ?! q, @significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
- v$ A3 {& Y" n: {6 T, h2 l( d' K2 ]+ _' n
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
; A- b' K( p& Pstimulus would have to be weighed carefully against domestic and global economic
) Q+ j; O, R, V. g; @developments. J& V: W. h; g$ `
$ s) H7 d: N5 Y a
Information note:$ ]1 I6 B' C' Z) [1 r8 L1 @, W
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update- z" G! p0 d4 W7 P0 r
of the Bank's outlook for the economy and inflation, including risks to the projection, will be4 D9 ?* I$ O0 ?1 m: c
published in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！