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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market0 y7 i. _5 G) T- Y+ l' }
4 I0 o+ {, | {+ L8 l0 ?OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight7 v( U2 K; H. Z. [9 y- {9 g& h
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& x' I# j0 h1 t2 k
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
5 E3 U- V/ R8 ooperating band of 50 basis points for the overnight rate.6 q+ D' e( b8 A" u0 m9 q8 p+ u
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The global economic recovery is proceeding but is increasingly uneven across countries, with8 M' v w! @; C" ?3 ^( z
strong momentum in emerging market economies, some consolidation of the recovery in the
+ U; |9 T3 x) x7 V6 d' vUnited States, Japan and other industrialized economies, and the possibility of renewed weakness: y; B6 J$ w# V9 o
in Europe. The required rebalancing of global growth has not yet materialized.7 x: L5 l/ x' ^" s
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
2 q. Q' s" X; B8 Wstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 H/ }) `- G8 a: I! n! {4 x+ fvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# P- Q' j4 N0 L; ^ q# ]8 A
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
8 D$ @' B4 e# w+ \$ Jimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 Q; h- ?8 {* @- |0 C& f1 y
spillover into Canada from events in Europe has been limited to a modest fall in commodity, e6 s: C. O4 P# w3 W9 R b
prices and some tightening of financial conditions.8 T9 B* o7 ]& Y6 [
% L2 R! N5 `5 Q5 R) kActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 G) H) q9 G% [" F) T7 B' C; v
in the first quarter, led by housing and consumer spending. Employment growth has resumed. v" M5 P0 ^7 V- `8 c9 g% I* w
Going forward, household spending is expected to decelerate to a pace more consistent with
- G4 z3 [ K- v P! }+ g) _income growth. The anticipated pickup in business investment will be important for a more
; I/ }. L3 C1 Q" H% o) ]balanced recovery.
& C# a( @ K. g+ W$ n" `! ?/ X( s: ^! ^$ {6 }$ ]9 N7 o9 U
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# i! A1 y1 ` B# d+ Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess) e- L/ c P5 c
supply.
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) D7 o; d& e( _' UIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 d6 P2 k& R2 G$ N6 o! vto re-establish the normal functioning of the overnight market. This decision still leaves considerable
: q; G- }) {7 I* nmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ [) S( F! b0 v, }3 e m/ B0 q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
+ W/ a$ Y, w! t! Jstimulus would have to be weighed carefully against domestic and global economic
5 b/ w* _4 q* B" r* S3 ?developments.' S7 S9 B3 C Y( X# N: W
% J6 Q. S; I4 f* _. y! ~/ _ C: RInformation note:
$ |& v3 \ M. MThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) O4 {( T7 ?# |% E4 a
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
8 `- {( s2 [6 p; }( mpublished 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！