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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 ?8 J4 a9 M! a. R* l
4 t# f4 o# `$ a o. d9 oOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
3 c2 R! x: \, M7 \rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly! j5 Z5 Q, C# w6 I" f
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, l, b. V$ u& ]% F9 d$ N. Yoperating 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
! U; ~$ j! T) d$ B! I) g& O. \& Estrong momentum in emerging market economies, some consolidation of the recovery in the
0 G9 V( C, K/ K& F' zUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
! r; f4 a4 r5 Y! t6 G3 P9 win Europe. The required rebalancing of global growth has not yet materialized.1 z2 G% ?% _6 F/ I& H
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- V1 C- a1 k* n1 p& `8 M, `, {stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
" O# }. ^/ W; b: _variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result8 ^% a3 |) J4 t8 p
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
' h7 u. n; m: W: i# s0 Dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 [0 g; s4 [) Q1 I' ^' N$ i
spillover into Canada from events in Europe has been limited to a modest fall in commodity3 J/ ]6 [/ v5 K8 u0 l$ y1 s
prices and some tightening of financial conditions.3 p; s) x7 s5 V
* I6 n1 _+ v9 N, Y, a, fActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 P# t, O6 C; t! |1 H+ K2 f: D
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& K5 }3 w1 s1 S* a$ h* v1 ?Going forward, household spending is expected to decelerate to a pace more consistent with; d. S, W a! x& O" m7 V
income growth. The anticipated pickup in business investment will be important for a more
& A# P8 K$ @$ Y) o* hbalanced recovery.
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/ b9 A3 U* U: `- p3 h6 N. o! b6 oCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects' u6 R2 R$ {. w6 K4 K4 H! Z
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ q7 _+ m: H- I
supply.
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$ a% T. a& p2 T( r; U+ d9 G0 ZIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and( Z3 a/ l/ M2 i7 Y. F. a ?
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 4 }9 [- } V3 D7 v1 d6 x7 N1 ~4 _8 I
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # }! H( o5 t4 z- s/ ?1 ?
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.- O" | e; J9 H( k
* n! E- J6 J5 Y) X3 g$ YGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
7 h2 f+ Y! }. C+ _9 w0 Y0 K( z: Istimulus would have to be weighed carefully against domestic and global economic
5 z, L$ X5 k; @8 j4 _& Bdevelopments.
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8 N9 z1 V1 o* j [0 Q! N3 TInformation note:9 ]# m0 I. p0 r' j$ z. Y `* b
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& T, P! b: ^2 i+ J- o
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
" B! J3 H( J% V3 `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！