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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market4 }0 Y8 ^6 G+ w8 `
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) c/ w/ E6 p3 G/ E, trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, D, x' G' L1 mraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
- b9 c; l" J9 ?6 }4 Koperating band of 50 basis points for the overnight rate.
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' d8 x4 U, R, UThe global economic recovery is proceeding but is increasingly uneven across countries, with( N [6 o( r d! m7 L, S% o
strong momentum in emerging market economies, some consolidation of the recovery in the
+ j" B8 A) [7 S# e$ n [+ ZUnited States, Japan and other industrialized economies, and the possibility of renewed weakness5 R* B m; E0 U0 i7 O2 Q
in Europe. The required rebalancing of global growth has not yet materialized.
/ a, g; A) @; c0 y3 SIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal: k: z* a& [, ^. @) Y
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% h2 b9 _* G ^5 s
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
2 b9 J3 q% W0 B2 W; o' Pin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an# Q5 F7 i' T; O" T5 S- c K
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 ? t: |. d4 ]% Q5 ]' L
spillover into Canada from events in Europe has been limited to a modest fall in commodity5 T. d3 u7 _- t" ], L. o
prices and some tightening of financial conditions.+ o3 g9 Y' v2 }4 j& p/ e2 ]
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
( F1 M' r0 K* Iin the first quarter, led by housing and consumer spending. Employment growth has resumed.4 n2 @# u; k9 X1 F
Going forward, household spending is expected to decelerate to a pace more consistent with
! t! N! R% A8 U4 r T. H# Hincome growth. The anticipated pickup in business investment will be important for a more
& N3 e z8 x5 `% B, cbalanced recovery.
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! O8 H' J! ^ I, Y+ x3 } y" Z) Z9 [5 WCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 u+ I: n$ Z4 c# L, ~1 Othe combined influences of strong domestic demand, slowing wage growth, and overall excess& f; s* s& a( Y
supply.
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V' F5 C# V. u. N8 lIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 M) d- j6 c1 Jto re-establish the normal functioning of the overnight market. This decision still leaves considerable % ?4 T5 ?+ {: ^5 }/ G0 l# V
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 }1 ^* i! Z+ Y
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: T( T& |% S* F# H6 u# }1 V
) q; J9 r# @" n7 q( _8 QGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 j) ^4 M& _( fstimulus would have to be weighed carefully against domestic and global economic- K- O2 |- O7 A$ p' y
developments.
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Information note:" a6 N2 X7 |% H8 S/ e9 r
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update4 f" F+ ?' x1 k( l0 y+ t* I8 {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be8 C6 \6 O; A$ {* M8 s( _2 M) z* w
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！
