 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
7 S7 }# @9 q! g4 A0 r. H$ i
0 f. M8 `$ h1 Q6 e' k9 @OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
% `8 B: m5 b3 @2 }& Xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ |% l8 v- O L+ `& draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 i8 @3 o4 U) a3 o1 M- A+ A* Xoperating band of 50 basis points for the overnight rate.+ }* r7 l6 d4 `5 o
6 y1 z3 B, z1 W0 r/ fThe global economic recovery is proceeding but is increasingly uneven across countries, with$ y, I! _5 H. N
strong momentum in emerging market economies, some consolidation of the recovery in the
& p, U% \1 X' b7 f6 gUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
: k" R4 S" s, B; Ain Europe. The required rebalancing of global growth has not yet materialized.
2 @* C0 j, D6 O( N& D+ ~& [$ hIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 r+ P5 }; u3 ]% H" e# H
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
# ^! S8 G3 o6 f V+ d# Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# B9 j4 ]# X: _! A9 k: e
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
& M" Z( Y: n! R& U/ ~% Iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the0 t4 c- S) |4 y8 u9 U
spillover into Canada from events in Europe has been limited to a modest fall in commodity/ t/ F6 c- K, [$ M7 Q0 ]
prices and some tightening of financial conditions.
1 ?( u, L8 Y7 c7 [0 O' G5 K2 ~( |# t
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
- _2 G0 X) {9 `1 K$ S+ Ain the first quarter, led by housing and consumer spending. Employment growth has resumed.& v2 F' y/ {2 F8 P
Going forward, household spending is expected to decelerate to a pace more consistent with
# _; m: G8 W1 kincome growth. The anticipated pickup in business investment will be important for a more
1 j5 Z+ s" e6 ?8 J- v- lbalanced recovery.
2 o* W( [% K% ~4 s O
# j+ @2 }1 j4 x; ~CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ k0 O" z' I9 _3 \( Kthe combined influences of strong domestic demand, slowing wage growth, and overall excess9 G4 K) n' a6 y; q3 c
supply.) w& p' F% t6 q8 L/ s
- n" K7 T$ U' m; m2 I, jIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 \5 a; \9 N5 u& u8 T
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
# J: P) K' C4 |. j/ ~3 o, {monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
- ~( R2 w4 f" D' J6 wsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
/ U1 H6 f t( A |0 F1 u4 I' o% r& O* j3 Q: v1 d2 y( C
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
, Z4 j/ N% B9 t3 x- Zstimulus would have to be weighed carefully against domestic and global economic
# O. u/ Q& \% Hdevelopments.$ w3 H b+ ~# l$ k; i$ {
. y K. E& _7 D0 g0 x
Information note:3 W9 ^' u6 ?8 w2 f
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! u& m/ f4 Y; d3 X; v% ?% Q8 I
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
/ ?5 P0 w: ^9 R; r* npublished 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！