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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 overnight+ G% t* e2 h: ]0 j6 \
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 Z! f, h+ H! ?raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal! N1 `4 Q" V+ }2 S
operating band of 50 basis points for the overnight rate.- w# @) M' q0 _& y. J
" M: H$ i* V$ jThe global economic recovery is proceeding but is increasingly uneven across countries, with5 s s1 Z1 F. u
strong momentum in emerging market economies, some consolidation of the recovery in the
/ r* x6 @! X; b- UUnited States, Japan and other industrialized economies, and the possibility of renewed weakness* Q L# H1 ?2 ?, E2 n1 v
in Europe. The required rebalancing of global growth has not yet materialized.# F' a" @" ~) _8 m
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& o; Y$ T7 C* m6 Lstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, X& e+ ] r& [7 Nvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
2 D' i# w5 c) O; q Kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an0 I1 C' a' f" W: E$ @. Q1 T# `! K% A
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the' O$ Q; M. M/ B+ ^7 Q+ g- @
spillover into Canada from events in Europe has been limited to a modest fall in commodity
+ C8 A6 r. o* Eprices and some tightening of financial conditions.' V0 y, ~) i( ]3 j
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
3 `9 t; w3 J* D& Hin the first quarter, led by housing and consumer spending. Employment growth has resumed.
F6 Y$ j8 x& e+ dGoing forward, household spending is expected to decelerate to a pace more consistent with
( s8 Z2 m. J4 G1 p6 Fincome growth. The anticipated pickup in business investment will be important for a more
3 L; C# u0 G9 i0 |' s( qbalanced recovery.
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* X( H/ D( n% J& O2 ICPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# m* Z, b4 Y, c9 x" F( g
the combined influences of strong domestic demand, slowing wage growth, and overall excess
% [: a" o1 g, Y( H3 Z% t% qsupply.6 }6 a% Y* D0 D$ s7 n
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 T! D, u0 N( T, N7 y; f
to re-establish the normal functioning of the overnight market. This decision still leaves considerable $ `& H. n( H' e1 I
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
( C& w5 u8 q# U# V+ }significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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+ t3 Z( F/ o; C9 KGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary+ U8 o9 E. t# z- b$ B" h; N/ {
stimulus would have to be weighed carefully against domestic and global economic. i" N! c7 i0 B& s* z2 {' S
developments.
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* h H5 o/ X4 U+ L2 G$ Y) ]Information note:2 C$ X3 j) Y1 ]* r2 F! k. E
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update- e( h* S" W8 w+ c3 [1 M
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; V1 `' I3 q7 R8 X/ n2 G
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！
