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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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) ?: y8 W' s% ]OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight; G; w' k2 D G9 U- c
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
5 M* r R \- M. y3 ]% F! b' b- u/ |3 Lraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal" l7 _8 d! s6 {: V. C5 |5 o
operating band of 50 basis points for the overnight rate.
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/ U3 p: b& D& d( sThe global economic recovery is proceeding but is increasingly uneven across countries, with
Y5 O2 F% }8 a1 k& c9 Ostrong momentum in emerging market economies, some consolidation of the recovery in the
5 \- t$ f: J4 E2 k# m6 MUnited States, Japan and other industrialized economies, and the possibility of renewed weakness" R! V, R7 _ t
in Europe. The required rebalancing of global growth has not yet materialized.% y+ F1 G2 o& M. _0 X
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal; q5 b q \3 m2 u
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 [6 N8 w3 [# O: D3 T) V0 Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
4 l- ^! y; k: {3 C# B0 oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% v9 A8 Z: X, J) l9 ~ yimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the. k O& n3 h7 c: t% _
spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ ?# z+ n* I0 A0 F; ~prices and some tightening of financial conditions.1 |+ g- z x+ B5 Z; Y2 k
0 _1 t: b& w5 G( u1 P6 VActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent `7 j, \ R! q+ l. b3 n! O, n( T
in the first quarter, led by housing and consumer spending. Employment growth has resumed.+ F, q6 }0 i) g+ r( g# J+ b
Going forward, household spending is expected to decelerate to a pace more consistent with
6 B9 Y8 f( r8 ?& wincome growth. The anticipated pickup in business investment will be important for a more3 n. ?: m/ V/ m" e* E* L l
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
9 u0 S$ s7 i! R* _5 U2 F" mthe combined influences of strong domestic demand, slowing wage growth, and overall excess5 M/ P& C0 ]0 F0 ?6 T
supply.5 R% I0 _; E' ^: W/ ?
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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
( X0 r0 ]8 u. X( Z) p3 |4 Nto re-establish the normal functioning of the overnight market. This decision still leaves considerable + f8 `9 X6 Z" f
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the c( W; o2 H- n, @
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery. A9 i2 A- z3 r; ]+ R5 {" L
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary0 @6 D$ L: F; {& u& e1 [. D
stimulus would have to be weighed carefully against domestic and global economic
: m$ t. ~: J# J/ Adevelopments.
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Information note:6 M9 L s+ ~2 l/ M0 K, ]- ~! H3 C
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 f0 r7 V# E; L9 W& v" ^$ n
of the Bank's outlook for the economy and inflation, including risks to the projection, will be, |% B3 d1 L9 o4 q" \
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！