 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 market1 @9 J" m3 o6 ?' O5 q0 e0 F# ^5 t
9 \3 [) f6 Q; l/ y: l# L' S
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
9 C2 F( H) u# r/ xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly' w, A4 O. x6 ^7 S) O
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
* s: F# T1 E/ ~# k, a- X2 j; loperating band of 50 basis points for the overnight rate.
3 N" H I S3 z+ U" r! o0 J7 u! |7 {: }; \' Z0 t. R2 g
The global economic recovery is proceeding but is increasingly uneven across countries, with# B; N4 Y( Z9 I+ s
strong momentum in emerging market economies, some consolidation of the recovery in the# i0 \4 a% `+ W/ s
United States, Japan and other industrialized economies, and the possibility of renewed weakness
" w; f2 j8 j0 T% |% j1 sin Europe. The required rebalancing of global growth has not yet materialized.( h& q8 r6 M% j# s3 K& e
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- L$ ^' O- o9 F# X Ystimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: i9 c1 y; S% Q" v+ v, |. d
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ h- {" h9 P) {* d: u) T* S( Z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
: c6 W: e6 _; G# f4 g' F7 ~" U- M, S ^important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the. m( E% l6 ~7 E$ E2 |
spillover into Canada from events in Europe has been limited to a modest fall in commodity
1 ?" d" M; V/ J4 q5 M; V+ D2 {prices and some tightening of financial conditions.1 J$ E6 [# r$ }
, s b, U8 |- E: q5 d. S N
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" ?8 o5 d* y! ~! ?, ^in the first quarter, led by housing and consumer spending. Employment growth has resumed.
# N2 p5 ^& ~" S: lGoing forward, household spending is expected to decelerate to a pace more consistent with
0 u! K. p/ Q. b/ |- N, `9 j9 Xincome growth. The anticipated pickup in business investment will be important for a more7 V& Q$ E+ v0 A# L n
balanced recovery.% y) J. V" w0 s8 x2 {
0 {4 G1 f7 `% W3 J+ f6 u. W1 }5 rCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! H2 F# ^2 P1 ~8 x* |8 W& p
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ q# ` k0 i/ Q& P8 J( Y
supply.
# G" V c- W( T) j9 v9 N% _- t7 Z I
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and) ~! \" k" P3 |+ C- w. R
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
1 y1 m( o# {! q) t b6 s* jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 J& y& x# q e& K/ ? lsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 H2 V$ R# K B" M( e$ F
$ ]* a! t* d% K MGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
& X: X) T5 b! `' c6 c) B8 W+ Xstimulus would have to be weighed carefully against domestic and global economic
& j" R$ L9 B& {9 O. H' ~$ qdevelopments.
+ `* b8 j8 w6 t! f4 p' S% O7 j3 C# K7 O4 y0 h. F; e/ ^) w
Information note:0 B! ^0 i0 w4 g; P
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 ?3 B# |4 k$ c4 P& B
of the Bank's outlook for the economy and inflation, including risks to the projection, will be, b0 N2 A/ k; e) A
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！