 鲜花( 65)  鸡蛋( 0)
|
Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
% b4 R+ L9 j1 R3 b8 \( u' j1 Q
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% Y |" P9 Q5 J0 ^
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
+ ? y: H% v) |raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 x7 b M/ J, `# V- J/ poperating band of 50 basis points for the overnight rate.( }% [! U7 \2 e2 q a" S4 }3 A
6 f7 A7 `5 l! W/ u+ N. p1 x) a- p
The global economic recovery is proceeding but is increasingly uneven across countries, with4 y. r" E# \) ~+ I) ]6 x
strong momentum in emerging market economies, some consolidation of the recovery in the
' l- A( F6 E* l9 v' E5 UUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
4 ]* |/ t, i i% Y. Yin Europe. The required rebalancing of global growth has not yet materialized.2 Q: h2 X l& z2 O
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal' M& v1 U. O$ [/ U7 f
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
9 _, A7 s& q+ P4 y9 g' p8 _variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
6 l8 \) Y- K& S: Y t5 L" gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 q% e5 }* w; m. b0 H$ _* q$ Wimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
4 I9 y: `9 `. B6 j* Cspillover into Canada from events in Europe has been limited to a modest fall in commodity- W5 K* U& I: t/ k- h8 L( S0 S
prices and some tightening of financial conditions.
9 O+ l: K+ \; Q3 P4 J# y
0 M7 u, S0 l" x) j, pActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" }: U# B7 G5 Hin the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ B4 s! D- M$ y4 vGoing forward, household spending is expected to decelerate to a pace more consistent with
5 o% _+ K' j' vincome growth. The anticipated pickup in business investment will be important for a more
6 O7 X/ t3 p3 F. v0 s! fbalanced recovery.# R" s; z2 M% F2 W7 n
; T5 ]# t- _. U& l& |; _CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
1 e( b. f) I. K+ f0 \* a! ]' x2 P$ Nthe combined influences of strong domestic demand, slowing wage growth, and overall excess
: j: S: @* }% {3 ~' V9 ]0 {supply.
- ~; k1 a' S9 W# P
6 `, u( i/ r* y; Z# t9 D2 E, RIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
, _! @, ?2 u9 h& \6 P/ ]/ \to re-establish the normal functioning of the overnight market. This decision still leaves considerable 4 H' ]4 s* \% C/ M5 w
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 8 L: p9 H, x. `+ N" X
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.0 [$ K: J0 l# R# y+ E8 S
( J! f& ]5 |$ H& U
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
" v; E; { C5 J+ I. C/ u [stimulus would have to be weighed carefully against domestic and global economic
# d7 u# ~2 U5 `" E" h1 Z8 ndevelopments.9 I3 _& W& j& g! A- ]4 d' c1 X9 [# P
, u4 X* j' E0 \% N3 c% qInformation note:
& h W3 D: C3 \) M6 aThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ M, B, d% b2 b( w' S; Q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
_+ i# I& U( u3 dpublished in the MPR on 22 July 2010. |
|
狗仔卡
发表于 2010-6-1 07:58
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡
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！
