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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 overnight
8 _, p5 c4 p3 r% hrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly" E. j7 v* k) w( @
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& m ` o' r7 V. }2 eoperating band of 50 basis points for the overnight rate.( [9 }% X5 I" v
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The global economic recovery is proceeding but is increasingly uneven across countries, with
+ H9 K! E( P% z# [& v0 n; R+ Nstrong momentum in emerging market economies, some consolidation of the recovery in the
5 G! b! x# _* |% ?3 y7 _- W* xUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
- x/ w0 \3 B p g8 ]1 D; w; rin Europe. The required rebalancing of global growth has not yet materialized.% F( d" ]& f3 @& n1 o4 y
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal( t3 o% O) E% s! R: |/ ^9 r
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- ~) b9 T2 M# s2 C5 c% I; D; p# ^
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
8 U, U& \9 f) J' Sin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 o* c9 n8 N1 fimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 O+ i' L( W7 d
spillover into Canada from events in Europe has been limited to a modest fall in commodity
* P# ]1 t& b0 ^5 hprices and some tightening of financial conditions.9 D. i! P: G+ ^- C
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
+ M+ T- s- d8 D, V; ~6 t! zin the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 l6 C, d- Q1 @# R' y- h$ TGoing forward, household spending is expected to decelerate to a pace more consistent with
* k0 p) y& }& K& Mincome growth. The anticipated pickup in business investment will be important for a more I' k: J- O. X% h9 j5 G8 L
balanced recovery.
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& O" h3 G. l( c8 V: D7 j$ U9 fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ n7 G5 m& {4 Jthe combined influences of strong domestic demand, slowing wage growth, and overall excess9 H% ?/ N5 z. J/ }$ H; J9 {
supply. Z, a, Q7 d. h. E& z( a( ^
2 o' A4 b8 ~4 ^( W1 MIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and. p6 I1 f* z+ x6 S
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 6 @, A/ b/ v; B* }* s# p) B) a( b
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - l. A4 g, q: H: S0 ?% B8 ^: R
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
4 Y+ Q0 F* v' H" Y- B0 f& Nstimulus would have to be weighed carefully against domestic and global economic8 P2 D; r5 [ R
developments.# r; \' r0 S3 Z, O) r
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Information note:
3 y# w' j2 H! s% l. ^The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 R, Q6 f1 D3 x4 p8 T
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
( \5 j, q; d# k6 {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！
