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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market3 C; B' m }) j* @8 l& {" C* S- f
9 P" u; z2 V8 z7 j. N( i( o9 ^OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
0 ~4 q Z- Y6 R% J/ Trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
5 y b9 D: M S# `raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal% H( k2 i$ f8 D" q( {7 q. g* d
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, with5 d" ]4 D) S: K
strong momentum in emerging market economies, some consolidation of the recovery in the
7 D+ h* |. h; A% zUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
* U" g: m) V5 B* o* Uin Europe. The required rebalancing of global growth has not yet materialized.
9 b: p7 F" J: J _% v6 h; DIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- _2 L$ ]- z# v- O) C! h gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
' f! i0 h, s" H( t5 Yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result7 w# K) d3 Z) } N2 m0 P
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, t5 Y. h9 ?. t; X1 H$ _' I# q9 {. wimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 P$ l `: Q; |spillover into Canada from events in Europe has been limited to a modest fall in commodity9 A) @% |+ X% L& l; w2 z
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent M' ?0 I) z% t" l& [
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
" P0 j- C- K+ W' r. g/ h% gGoing forward, household spending is expected to decelerate to a pace more consistent with( h& y' |2 g3 u2 g& v
income growth. The anticipated pickup in business investment will be important for a more# {9 u. @2 r& q% @, T6 q$ |
balanced recovery.# ?+ d h/ z V7 h* B% p1 k
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
! S$ D, b( u" p$ H( z6 O/ uthe combined influences of strong domestic demand, slowing wage growth, and overall excess
3 u: A. T) L9 Y; X i# j% @- jsupply.
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- v3 P% C* @8 t0 U- mIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and1 m% I/ {7 a- Q+ F3 C( A
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
8 L: W2 N7 C) I2 h/ p; b4 `/ @monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
7 h# V/ S+ Z& O1 m: h7 ^% h7 V6 }% w5 @significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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4 _+ `) L) _! A" }& gGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
' d7 k9 i0 Z6 i3 p* V5 hstimulus would have to be weighed carefully against domestic and global economic! J" W+ ^9 r. I! ^- B; E; z
developments.
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Information note:
6 K! s) E U0 nThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update% Q& I# H# {' g0 h7 `4 f! f5 V
of the Bank's outlook for the economy and inflation, including risks to the projection, will be/ L- W6 g' J( a# \- r, i3 I0 t
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！
