 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
% b; Y/ u) X ]& x: O5 O' I
A6 N$ x* O/ N$ P# O; _# A* dOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* G9 E6 E) H( k7 P9 h7 C
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: Q b' T, g. j9 ~/ Y7 |raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 g l B) v: \: M6 Doperating band of 50 basis points for the overnight rate.
2 Z; T' m- S" Z7 P; Q* o, q# T; C5 M6 ]. P4 I4 T# Q6 ?
The global economic recovery is proceeding but is increasingly uneven across countries, with9 T( z7 h3 `9 q# k, g3 O
strong momentum in emerging market economies, some consolidation of the recovery in the8 N) L4 e8 k) p0 A
United States, Japan and other industrialized economies, and the possibility of renewed weakness! T: z" x, n0 [$ K6 h- u' {
in Europe. The required rebalancing of global growth has not yet materialized.
4 i6 K4 @- v4 Y! I3 tIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 B+ \- r7 b6 T" Kstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the$ X! ^+ j9 K6 C' j. F
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! V2 p( S- G, t' [) x% s) hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an7 P* o0 p, A+ X$ U! y+ [. C5 l0 j
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 w: r' ?; i2 |8 W8 _2 |
spillover into Canada from events in Europe has been limited to a modest fall in commodity0 A$ S# Y1 ~* r1 Z( ~
prices and some tightening of financial conditions.
& `7 z; R" z/ L; I8 N: e
5 R6 t7 p8 E. mActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent! u% ~" j$ n. @
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
* ^, b$ R* ]5 |0 x& K/ D8 }Going forward, household spending is expected to decelerate to a pace more consistent with
^2 S2 v2 @" b4 j; fincome growth. The anticipated pickup in business investment will be important for a more: N/ X$ T, |0 Z0 l1 l
balanced recovery.
2 S' }3 ^# [& t- t n( U, s) w
+ W& \2 u5 T( u- c% NCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. R8 P4 K. k/ ~3 p8 v
the combined influences of strong domestic demand, slowing wage growth, and overall excess: Z7 @; g1 h- f3 u/ L5 [
supply.$ F: _# E2 o. r" N6 b$ ~9 F" I+ N
; f$ F( i: ^6 B: L$ pIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and1 I1 m0 f* z: ]
to re-establish the normal functioning of the overnight market. This decision still leaves considerable + l- k8 S% B. g# ^& Q4 G
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
8 i. u( J. _6 t0 V0 hsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
) ^- |+ x" K$ [+ ~6 W/ h% \: j$ t
. I6 t0 s- A" j n2 H" |; nGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary( L/ x3 A U4 e/ ^, @* t
stimulus would have to be weighed carefully against domestic and global economic) z2 ]% K& m/ W+ b
developments.0 e1 K3 k# z' c0 O% D; h
+ L0 _' e, ]0 w' Z, D
Information note:
5 s% {% N; @( {( UThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
5 j2 z. e0 j# w! {, I# i" nof the Bank's outlook for the economy and inflation, including risks to the projection, will be& p P+ [5 j3 @" S& }5 ?, f
published 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！