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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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* O, W3 V) L5 M$ POTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
5 q! t8 L# s5 \" z! D- k8 wrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
% r' D2 F8 I; D" Z5 o; ?raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 }6 s; ^2 p+ Eoperating band of 50 basis points for the overnight rate.
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, E2 J/ J1 v! n+ l$ gThe global economic recovery is proceeding but is increasingly uneven across countries, with- g. Z. ~$ Z4 T. n
strong momentum in emerging market economies, some consolidation of the recovery in the
, N1 N3 C$ O- a" ^! F; eUnited States, Japan and other industrialized economies, and the possibility of renewed weakness2 h' r- K0 {9 {# V$ F' v
in Europe. The required rebalancing of global growth has not yet materialized.
2 y# V D. p2 U5 I' `( OIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
' u' K$ A( V7 E: E: gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 a8 o8 I0 {6 V" ~variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result0 q- L! ]) e0 w$ ?3 @
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
1 e3 h2 O& m ?" @2 himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the0 |1 j, s# W5 r- p6 t
spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ |" H& Z: c1 \& Lprices and some tightening of financial conditions.$ H% S' x( Y5 h$ b4 s5 s
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 [: o& H: g& n0 Hin the first quarter, led by housing and consumer spending. Employment growth has resumed.
' Q6 l, U+ T* p7 R/ J8 UGoing forward, household spending is expected to decelerate to a pace more consistent with
9 c5 U8 |/ U, O& x7 K' G' a6 \1 ]income growth. The anticipated pickup in business investment will be important for a more
# @" B# u. U6 ?4 `0 e# }balanced recovery. H8 a3 ~5 a9 F2 A1 K* q
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
* A& ]8 D( `$ d. I$ vthe combined influences of strong domestic demand, slowing wage growth, and overall excess0 Z" y0 C' t& g3 k+ h
supply.. N" p/ w8 e6 r" ^
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
" y5 D2 j- M+ p% Q& Wto re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 m' g B4 g. Z! n+ _4 a
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + v* \& r# l$ h3 q+ ~
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary, P/ L% W. B3 [5 _' ?
stimulus would have to be weighed carefully against domestic and global economic
( `' c4 a: B- I" h; A7 H6 kdevelopments.
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$ @2 v% V, K8 _" K' k5 D# b( UInformation note:
8 f) e% G4 {+ g M0 a! ?The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
' S: m( }% P0 _# _. Zof the Bank's outlook for the economy and inflation, including risks to the projection, will be! E: K @0 c9 [+ V1 `
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！