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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- j" I( b; S7 `
f( U+ _- V: r) Y; S d/ _) e' COTTAWA - The Bank of Canada today announced that it is raising its target for the overnight7 g3 }4 C3 E: T* f9 R) S4 Y; k. p7 o
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 `7 C; a5 ~- z$ K, j/ sraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 @9 g: P6 u4 c9 S+ {4 d3 e2 s% }
operating band of 50 basis points for the overnight rate.) L: ^2 G0 B/ F t+ ]
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The global economic recovery is proceeding but is increasingly uneven across countries, with8 c" B, p, r. N! t( {
strong momentum in emerging market economies, some consolidation of the recovery in the4 |/ x, j; Y) Z! U
United States, Japan and other industrialized economies, and the possibility of renewed weakness. V/ J3 m+ b: B8 \. _
in Europe. The required rebalancing of global growth has not yet materialized.7 c7 E* _) V- c0 ^; L+ V
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" \0 i! {. K* L# {stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; T6 S$ x; H; s! E% y1 `( xvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# M |/ d3 p. B* U) rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% h: E" F- G# Jimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 h3 s N& A& n; ?) }
spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ [& U! Y" d3 l& G9 y+ m+ v8 Z) {prices and some tightening of financial conditions.) I% ]4 Z0 X! W3 o `
7 \; b! X7 R% N- F9 MActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" |( U6 e5 h" p3 h5 qin the first quarter, led by housing and consumer spending. Employment growth has resumed.) |; I, K) \; W' s8 c2 _0 w+ h, L
Going forward, household spending is expected to decelerate to a pace more consistent with
1 g' W: P# p/ Y4 D$ Iincome growth. The anticipated pickup in business investment will be important for a more
( A6 ~7 `1 U6 I) ` Q1 S3 j- Ybalanced recovery./ B' k/ b# R- r; Z3 H2 A6 i3 s
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
9 ~0 R! k9 @3 H& l9 L) ?the combined influences of strong domestic demand, slowing wage growth, and overall excess# M0 o3 X, U7 ]$ \) h, l4 @+ c* G
supply.
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" K A" j9 L% d9 D3 |In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
6 Z. E# c+ F3 }& k! oto re-establish the normal functioning of the overnight market. This decision still leaves considerable % |4 ]' [1 Z5 x$ n& e# i+ D$ e4 U
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
. f9 {3 O* p* ^4 j% S1 asignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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! @$ `) Z! A! J7 T6 t5 `) kGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary) P f* E8 E! k0 M% |/ b
stimulus would have to be weighed carefully against domestic and global economic
) j- Y/ T1 F# l, n2 N5 Fdevelopments., _+ J- l `* C: _1 k, v2 v
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Information note:
( x. K: N u! X9 k" H( S/ CThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update% j) N& U7 ]5 j! W+ o8 K- q) U
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
# e2 A6 W" ?, N+ m6 B( \' mpublished 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！