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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market9 D3 R# v& P9 H
8 l# o( D$ e1 _% |) n& X7 T
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
. R; Z B1 l% N3 a" j+ P9 M0 @rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
6 A* L, P$ B5 U" J( x) U4 Xraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 r( J8 U& W+ ?6 ?, Y
operating band of 50 basis points for the overnight rate.4 m! ?" A9 A8 z! E# q
& p+ K, F1 n) \- K2 nThe global economic recovery is proceeding but is increasingly uneven across countries, with* [& O2 j- F: g
strong momentum in emerging market economies, some consolidation of the recovery in the
! \4 X- Q) b3 h6 X; A; BUnited States, Japan and other industrialized economies, and the possibility of renewed weakness& q" @0 X4 X! q0 ?7 w
in Europe. The required rebalancing of global growth has not yet materialized.
% G8 u1 u9 D; L* V& D3 e7 t! |In most advanced economies, the recovery remains heavily dependent on monetary and fiscal# B2 w' z/ M& L
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. @$ Y6 b( @, Q4 l8 z# Yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 {5 S! ?' c! Iin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 }# ]& `) s' A$ q: o% l# P
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
, E/ g, M9 L; ^, T* ?9 s: o( a. f4 ~spillover into Canada from events in Europe has been limited to a modest fall in commodity) t+ e( h7 {2 G5 }' {
prices and some tightening of financial conditions.
4 M* s; a' U/ z' d7 @0 x/ R u& Q0 v/ g; {" t
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: [, c: b8 S/ k1 s8 u9 @1 t1 ~in the first quarter, led by housing and consumer spending. Employment growth has resumed.( y5 e: ?( \ c P
Going forward, household spending is expected to decelerate to a pace more consistent with
! ?! }) ^- Z- p: `0 nincome growth. The anticipated pickup in business investment will be important for a more
2 m. P4 f! P4 [; J" Kbalanced recovery.: H% N2 Y: S/ {7 v x
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
7 \1 ~3 K5 p+ j# ~/ u' bthe combined influences of strong domestic demand, slowing wage growth, and overall excess+ e, e1 t5 q6 q
supply.# |% ]9 u& }) f# e
+ U# N, C8 C0 q7 o, n. _' e; cIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 G6 e3 V5 o, R+ I$ E
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
- Y) }- M" _3 R0 Umonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 E. n, @' ~, ]# H! G4 c
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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" Y, M& e8 _& b2 `Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
: X7 b+ D) w. X+ r, E' ystimulus would have to be weighed carefully against domestic and global economic
8 z$ e Z6 c- s8 k% q7 ~developments.' g, N1 j1 @* _
3 i& T. W6 e* y0 i
Information note:
- G. l" @& M# v7 F( g: t+ ~) FThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, c) U: I' y& ]3 [: Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be0 ]& |. E. H8 A9 }' R# i
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！