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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market2 ^- H# D |6 g0 c8 v: F9 Z( j# |
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) |5 x ~7 n& C$ T* |rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, ?# X5 S# M, R( Vraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 J Z5 k6 R& t
operating band of 50 basis points for the overnight rate.! x" ]$ S; W2 S( \ _$ V
6 o, y& D: M# ?; H+ xThe global economic recovery is proceeding but is increasingly uneven across countries, with
1 I' A( Z: p- a7 R" pstrong momentum in emerging market economies, some consolidation of the recovery in the' d+ f- ^6 e% {2 {" D2 I: }6 R6 e) e
United States, Japan and other industrialized economies, and the possibility of renewed weakness* u1 X( d. P6 N( x j9 h
in Europe. The required rebalancing of global growth has not yet materialized.
( l9 F7 @# g( k1 N, F1 `In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- t3 s% h- l0 R5 Vstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& }) \- Z! H) g2 j
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# ^/ r% B4 v* V8 Y! lin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" y l0 F( R, O' {& f9 l, h! m
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' f' R# {% c v5 L$ O S1 Zspillover into Canada from events in Europe has been limited to a modest fall in commodity
3 e3 Q8 z: {& w; Y* ^* T! K9 H/ jprices and some tightening of financial conditions.
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; r/ W3 p6 L; P, ?& NActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 J7 s: n& ~. F* I5 n8 ~" y _/ ein the first quarter, led by housing and consumer spending. Employment growth has resumed.
9 P. U$ }/ Z y. r1 H# \4 ~Going forward, household spending is expected to decelerate to a pace more consistent with
- N9 r$ x- C9 {% D0 Nincome growth. The anticipated pickup in business investment will be important for a more1 ?+ a( j! b2 M+ A3 Y5 v# _9 b! O/ y: i8 r
balanced recovery.7 c5 A" ~/ z7 I' E9 \5 g8 E6 u
1 @( o U. y4 x' |5 j7 c; B [+ SCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
: i6 L% D1 V- l5 y" t2 |the combined influences of strong domestic demand, slowing wage growth, and overall excess. h' N( w' s/ [ e
supply./ r% w |2 _' V2 h# q
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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/ i4 a" V: s/ k. ]$ _' Q
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 Y5 K3 Q, y; [
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
" \0 D! F$ X9 m5 i" t, Ksignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 J1 x0 ` I- a, n% T
% n5 g) X7 k! A/ S
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary. Z1 f% f, P* T' T! b7 N- x
stimulus would have to be weighed carefully against domestic and global economic( g% a1 M/ w; [" Q% F/ E$ W# f
developments.* @9 s2 Z. O$ O8 k, g
% k# ~* C3 T) d3 P6 r7 f( I$ wInformation note:
% Q* ]& n3 i1 @( I5 H% dThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update; S1 G! `" N9 n9 ]6 Q: L/ O
of the Bank's outlook for the economy and inflation, including risks to the projection, will be# g/ D/ o) [. M$ Z8 a! A
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！