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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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: ^# L! w# z6 G3 y; gOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# o, a: E1 n% `) q! nrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
( v8 y; F( z3 u! ]; L4 x1 wraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! D5 ~2 b4 T8 N7 z2 P% B! t5 q/ ooperating band of 50 basis points for the overnight rate.
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9 f8 U2 U2 ?* o3 D) @" c9 uThe global economic recovery is proceeding but is increasingly uneven across countries, with- v' E0 v; w, o' {( A; q' k1 K% a
strong momentum in emerging market economies, some consolidation of the recovery in the
) V) h- y+ I6 m' }) ?) ] r+ ^( gUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
3 p5 l9 f8 }( Lin Europe. The required rebalancing of global growth has not yet materialized.
* @/ S, @# {# t& h, ^/ PIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal0 A0 F. P% @& Y* @" {" L( h: H; j' G" A
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 |( m- @ N. H/ Pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" b0 H" x+ {, X4 t
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ h6 f ]" G4 C. c/ T$ U; h
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 s/ I" G& ~$ c/ E6 d+ B2 I& G) l/ e/ _spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ e. Z1 {+ z$ a, R+ U8 ~2 Kprices and some tightening of financial conditions.% L" m9 m" N) Y. y
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& S% t! Q# K c0 ]- X! Y
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
: M( ]9 S( z7 K. Y: S6 D7 u" gGoing forward, household spending is expected to decelerate to a pace more consistent with
4 `# J+ [7 X. s8 ~income growth. The anticipated pickup in business investment will be important for a more9 r' g% p% Z* D y) J
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 ^. F$ {1 A7 Athe combined influences of strong domestic demand, slowing wage growth, and overall excess
$ v. g( j% W$ ?. Osupply.6 `( [" ]' B& ~1 K
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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. M3 m7 W; w+ e2 C& p0 x5 Y7 B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable # J7 m/ ` [" z8 L/ ~( v" C% a
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ ?. a9 q3 e2 L/ I
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.9 M, M& W3 k1 ~" m7 J& _* a
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary" F( o/ g3 @: c. R4 M A
stimulus would have to be weighed carefully against domestic and global economic
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1 [* @8 e; P6 u& i2 gInformation note:: ~2 B# {9 p1 C4 ^/ w4 b
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 P! g- _( }) J8 ~: gof the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 h f" @ H5 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！
