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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, N9 b; T" G2 p T, U. E
" @. J/ G: x3 c0 t0 I. s! U' V7 ]OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
* q4 X6 L) g' m8 ^2 @7 zrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: ?5 G% I9 [3 ]6 ]7 Sraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal- I, a: G# W4 d4 O
operating band of 50 basis points for the overnight rate.6 L1 M3 N$ \# n( I! y
/ W. ^2 k- ], ]* Z0 }7 m; B8 LThe global economic recovery is proceeding but is increasingly uneven across countries, with
. J+ o' Z) W2 wstrong momentum in emerging market economies, some consolidation of the recovery in the: x) H% a; o& N D a
United States, Japan and other industrialized economies, and the possibility of renewed weakness
$ h5 ]5 Y- O3 g5 y" R, N+ n3 Ain Europe. The required rebalancing of global growth has not yet materialized.
8 U3 t: c+ B0 s* BIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 Q: n, d, s1 w5 q3 [7 e: fstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ b% ^; k5 U: o; Cvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 D% W: }7 q7 s& o1 Q4 K' [in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 p7 C# D6 z- \1 ]
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the' k* j8 \6 L0 ]' O! g: ]. L6 v
spillover into Canada from events in Europe has been limited to a modest fall in commodity @' V- @! H: M8 N' ^! R# x
prices and some tightening of financial conditions.+ Z- q$ O1 {+ B" j: {- ]
0 y" R7 ~7 V7 s) x5 R# zActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent% e% @9 o# ^9 Y0 Z. [- D* ^
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
: D* j7 d* d, [' `2 d d( Y6 A7 vGoing forward, household spending is expected to decelerate to a pace more consistent with: c( |# T# p8 H; _6 N8 C
income growth. The anticipated pickup in business investment will be important for a more" u, n( `6 e1 \' m, e8 \* `+ |& Q
balanced recovery. C8 `& H# ~7 r% |- |1 W. o4 ^! J; Q7 Q
; Z( s8 R' m* ]- }9 f7 `CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects: I9 L( n4 k P
the combined influences of strong domestic demand, slowing wage growth, and overall excess z0 R5 a+ }, h T6 p( T2 t
supply.( Z0 A+ p8 ~: i! n/ @# O
* e$ h+ p; H1 [5 p+ E" u- _
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
4 D8 G1 h+ W( V; ^7 G, K+ }, ]to re-establish the normal functioning of the overnight market. This decision still leaves considerable , ^. R8 ]; m6 l4 {, V% a1 l; M- @
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
( C8 `4 o g: q4 r1 Zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
7 @: P' R( @+ a& }. K) v+ @5 E
' r: d* m6 C( x: O/ P- e1 L6 C3 ]8 s# XGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary0 c! g# x: }* G
stimulus would have to be weighed carefully against domestic and global economic. ?+ m. q. s4 t
developments.
/ C0 j# G( A+ u8 e" ~% @% |8 Z9 T, z y
Information note:1 A- A# @' N, Q
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update; q* }6 W7 n, C4 g, b# X
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
& C9 B$ e8 n. K) \8 e% L) Dpublished 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！