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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' P4 x0 L- e3 D; n) a9 G
* U- r6 L5 Y& p/ g O5 ^7 ^OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" F4 g/ D# J. h; P
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 U5 Z! w4 \: T; x1 n: a9 `raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
+ G d( _$ r' A9 [2 f. poperating band of 50 basis points for the overnight rate.! Y& f6 p Q6 I- _; K# \
1 o+ `2 V0 {* o5 U& R9 o I; IThe global economic recovery is proceeding but is increasingly uneven across countries, with
) k' m. Z5 n4 C% f6 R* nstrong momentum in emerging market economies, some consolidation of the recovery in the
* u* B0 n& |, VUnited States, Japan and other industrialized economies, and the possibility of renewed weakness3 T6 }+ _- l8 C! q
in Europe. The required rebalancing of global growth has not yet materialized.. ?! Y H1 y! t4 N1 R
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 S) k! s6 t" ^/ k1 B0 B
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 l" T. U5 ?: c* k; ? Fvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 @, v2 d$ M, B" @5 d+ r
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
' h9 B3 [ }" i7 W t; u* R$ x/ _important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
( F* v# Q c$ M6 W( \spillover into Canada from events in Europe has been limited to a modest fall in commodity; t" f* X8 C4 V' {8 R: A8 E
prices and some tightening of financial conditions.0 n3 G; q: S N! E4 y. J: S2 J
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 i1 S, {8 b9 D# h. ]7 P
in the first quarter, led by housing and consumer spending. Employment growth has resumed., c( {$ z2 x: l5 q O
Going forward, household spending is expected to decelerate to a pace more consistent with8 H7 V3 d! _8 u2 b" l
income growth. The anticipated pickup in business investment will be important for a more& v, o/ `% T: n, y7 w
balanced recovery.9 P; M; O7 e: P3 ~1 `) l
# j, R6 R) ?( O7 Q) VCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects( @& ^8 _& l+ K
the combined influences of strong domestic demand, slowing wage growth, and overall excess; {# v- Y( M! X6 q" P' b4 l
supply.
1 A2 ~( I2 |% V0 R3 Y% g) K2 ]' H9 S4 M- u% W
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and' Q) v. @" [+ {: ?7 [' S
to re-establish the normal functioning of the overnight market. This decision still leaves considerable # U) Y* ?6 H2 U: @" _% Z6 t0 F
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
K6 D; T1 I+ Q/ ~significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ J, Z. [9 H6 x! x4 a
n7 ?5 d* a& T" T) c' \Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 X6 ?$ E5 H- [" Qstimulus would have to be weighed carefully against domestic and global economic
7 ?- X- v0 O3 i A }6 Fdevelopments.
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Information note:
: ~$ C* q+ j8 L1 ~6 h% }The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 A7 `& ?( H9 f4 L; _' m- P
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 u3 y1 {- o1 z8 r( \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！