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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight9 F+ i5 O5 k- z" C& c8 p
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly! B/ g9 }1 L, I* L4 ~, x4 R& P5 E
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal2 P7 t$ H, X. b1 o1 a8 V- @
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
' r5 S' ]8 f' z, ]% |& P8 z) mstrong momentum in emerging market economies, some consolidation of the recovery in the
+ L" ]2 |3 O2 [! K0 } l4 j& eUnited States, Japan and other industrialized economies, and the possibility of renewed weakness' P! q% d4 z8 y$ q
in Europe. The required rebalancing of global growth has not yet materialized.
4 H8 j: E9 b* e3 Z6 E0 T) ZIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) @- x* P5 f8 T
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 e% ]9 p E& k5 ]. c
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- e) U6 t3 w9 ^4 b
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ {0 E8 M. J4 d2 n) g5 `& gimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the: ^5 ?- O2 F1 x
spillover into Canada from events in Europe has been limited to a modest fall in commodity
9 i# j2 \) g' P9 w9 kprices and some tightening of financial conditions.8 }' S6 P- Y8 l
# o) j6 g m" U- Z1 QActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
9 F) ]' w) _) x" r0 hin the first quarter, led by housing and consumer spending. Employment growth has resumed.. s$ o# Q4 {4 q. Z
Going forward, household spending is expected to decelerate to a pace more consistent with5 ~* C: i& @3 x, F. L
income growth. The anticipated pickup in business investment will be important for a more8 _2 i s1 V$ M! l! C
balanced recovery.( J) S) Y* s# r T
* x& U; }' b! K% v; R2 k9 ?+ |( ~CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! z/ n3 [1 x0 k+ a6 R$ `
the combined influences of strong domestic demand, slowing wage growth, and overall excess+ X6 ^; a3 ?4 @7 o( j4 E; y+ W3 U
supply.
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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$ F8 Y! F G- B C d' c ]8 _0 G
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 \( A) n2 h5 n" o( S$ E# W h
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 `$ _, d* c( O! l$ j0 Msignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& @; B8 V) j& [
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary" t# K/ Q* b! Z! a$ b6 [- t
stimulus would have to be weighed carefully against domestic and global economic
( p* M( f5 J4 A/ e( u/ a' ~developments.
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Information note:
- J1 K( q' E& W6 G- d- h( VThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# w- ^) Z( ?: q% y j. Q# W- ~of the Bank's outlook for the economy and inflation, including risks to the projection, will be
( D! ~$ D; P/ ~5 w" lpublished 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！