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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) t+ C {5 U, V, Z4 E' ~( w/ f
! ]$ _, O& k( S8 M/ R( wOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight. A+ C& F7 ]6 _% o4 l
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# u# V! P# i4 l9 z/ l( |! l
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal3 L# H- P4 E$ b6 O
operating band of 50 basis points for the overnight rate.: n. b y; e* Q% {, @9 z9 Z' }
$ m5 S3 u, k3 E8 J" [8 D; d
The global economic recovery is proceeding but is increasingly uneven across countries, with% S2 f% q5 N+ e8 E5 w0 F! H
strong momentum in emerging market economies, some consolidation of the recovery in the1 F6 {9 y7 m5 E: b6 ^7 r8 ~$ w0 a4 s
United States, Japan and other industrialized economies, and the possibility of renewed weakness
" g* Y: W) C" ~4 [4 `3 Uin Europe. The required rebalancing of global growth has not yet materialized.* c- t. |& ?4 C: d5 J3 z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
$ e. ?+ o3 [; y7 M9 l) s6 S: Astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the; V5 _: Z! p' m( K
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result9 U1 b+ E, Z$ o' V G/ ~
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" V& V! @2 A( ^3 R7 O0 D( i
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the2 j6 N3 t% Z! o5 ?8 R: Y
spillover into Canada from events in Europe has been limited to a modest fall in commodity
4 x7 _2 J$ V+ fprices and some tightening of financial conditions.9 [- l. T/ [/ }
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
' h, c% v1 T) p/ E8 s5 ~( }4 y, Min the first quarter, led by housing and consumer spending. Employment growth has resumed.
- Y# T" @7 Z: |* KGoing forward, household spending is expected to decelerate to a pace more consistent with
; P- n8 H5 y; N' ~3 _income growth. The anticipated pickup in business investment will be important for a more
4 N7 u& v1 I& J1 zbalanced recovery.; z- F4 e" y" E( E
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects3 w5 X/ n, D5 w! L: a
the combined influences of strong domestic demand, slowing wage growth, and overall excess
3 l; ~) ^9 |: Jsupply.
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9 J! o i; M, _# yIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
- i& p- ^- f) F* \' ?to re-establish the normal functioning of the overnight market. This decision still leaves considerable
# g; [3 O3 C. @monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
3 Y3 l) }4 w, ]5 k' vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# ^* e3 g4 c$ }, ^
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary v. J7 ~' D& j5 R1 ~1 Q# j
stimulus would have to be weighed carefully against domestic and global economic2 v1 ~/ Q5 t; s# S& e9 V
developments.& B1 Q% l* k% w& U% z# ]& i v8 t
* h5 d |' _5 C& Z. }2 YInformation note:
8 D5 C+ ]5 C4 IThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 I) L# I9 ]2 I' A, C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 Q8 m! |( |+ h0 b7 Epublished 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！