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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market5 D5 N' s. \ K- t; z
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight. b9 C1 |# M) J0 a7 I) L3 A
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly- F e- u! ~% J$ G1 E
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# ?1 ]$ x6 W s. [3 aoperating band of 50 basis points for the overnight rate.7 e4 g3 F# Z2 }- P$ W
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The global economic recovery is proceeding but is increasingly uneven across countries, with
2 F% c! f# m0 A5 v) D" s9 cstrong momentum in emerging market economies, some consolidation of the recovery in the* P' [* t+ r: Y; u' c3 j4 k
United States, Japan and other industrialized economies, and the possibility of renewed weakness
# A5 ?4 {3 S0 O8 H! uin Europe. The required rebalancing of global growth has not yet materialized.
3 U4 y1 m4 J: O& hIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
% b+ K0 A6 S! b% ^stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
7 j8 a4 {$ ]+ |( qvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" e, q' M! g2 k
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
3 K% P9 K. f5 o, C# G0 eimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( @6 l# b& C! k$ m8 t* N
spillover into Canada from events in Europe has been limited to a modest fall in commodity
7 z; p9 a8 Z% R1 U ~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
/ ~2 ]" A6 |" h% w0 ]in the first quarter, led by housing and consumer spending. Employment growth has resumed.
! n5 N n9 j" e% EGoing forward, household spending is expected to decelerate to a pace more consistent with
6 C5 \! p+ `% V G# rincome growth. The anticipated pickup in business investment will be important for a more; @% Z% N4 n" h* m: {
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects5 f( V& [8 G- }9 X2 Y- d8 D1 D! P
the combined influences of strong domestic demand, slowing wage growth, and overall excess
/ P W5 W6 k6 M& X; C- R, Gsupply.; H2 s4 Q0 L2 ]) }
5 Y- {6 q* E( XIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 m0 ~% P7 o }7 Z$ w8 A. v& q. Ato re-establish the normal functioning of the overnight market. This decision still leaves considerable ' ^" r% X4 ]3 \$ _0 X
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( y% |6 M/ u. Q$ h
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 w d* W6 \2 s' f
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary5 t# u; S, F$ M1 H$ v! w: u% Z
stimulus would have to be weighed carefully against domestic and global economic. G/ u8 z6 G( k' w2 h, `8 u9 f% N
developments.
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+ k: l, w9 R3 Y" j& q! h" K' \ cInformation note:
7 V. R6 K# t* Q, K3 c7 L# KThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 }/ Y! a/ c# ~2 p& s$ e2 B& J
of the Bank's outlook for the economy and inflation, including risks to the projection, will be0 P# |$ W9 p& I- E' K
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！