 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* Y- o! ~/ n$ J1 A
6 v2 }( @( l* s7 I/ x6 P3 iOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 ]& e+ N. k" Z7 d
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly* ]/ e8 D4 X% P- V
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal. N$ I& u8 o: S
operating band of 50 basis points for the overnight rate.1 O7 |! P! i* W# W1 M1 v
& }/ ^/ [1 P" U5 g. ?The global economic recovery is proceeding but is increasingly uneven across countries, with( ]1 W n0 R2 _4 b% K9 }
strong momentum in emerging market economies, some consolidation of the recovery in the1 x& L ]( U* w
United States, Japan and other industrialized economies, and the possibility of renewed weakness( W4 k6 u. {" L# [2 Q+ y0 s$ w
in Europe. The required rebalancing of global growth has not yet materialized.6 }0 ~/ N$ n, [$ N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 F0 k3 r0 q# L- M$ m' xstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the* @8 V3 b( u' m9 N. e4 F9 u" e7 y
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result9 B9 X/ `1 h) x& @4 q8 u" a) e
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
" W: i! v9 k( w+ Bimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the' m2 }3 t% f' I
spillover into Canada from events in Europe has been limited to a modest fall in commodity! V ~' h6 B' O* f
prices and some tightening of financial conditions.
! `& @2 v* }' v8 y+ Q& v* Z/ K/ K+ V3 W6 L$ Q# ^7 ]
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" D" t# D7 W# O$ N: f4 Win the first quarter, led by housing and consumer spending. Employment growth has resumed.( u6 B/ \; \) y1 T# t
Going forward, household spending is expected to decelerate to a pace more consistent with l7 F. ~& j& Y* d& j) i& A& x, Q+ g
income growth. The anticipated pickup in business investment will be important for a more
- v+ [ \3 Y/ G. ~: D7 _balanced recovery.
2 o2 r% ^/ k, n. r/ ?* G3 \3 `# z* j- L7 H
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& R) {- e- H0 T hthe combined influences of strong domestic demand, slowing wage growth, and overall excess/ d3 Z, e5 m2 s# x9 E: r Z
supply.
6 r+ x; R1 g( g& H) ]$ X' w5 J9 C, h2 X: U. h4 r
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and5 T9 Z" ?" U E4 e) n
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
: K; c/ P2 a) r# D$ ?' Q* `monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ) r: V6 ~; w1 r& s
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
, Z/ ~3 c+ D1 R. p5 G( v9 o
/ Y- a; T$ ]8 n( ~3 a- oGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
! X2 T9 @4 R( s5 W, Lstimulus would have to be weighed carefully against domestic and global economic$ g( S* x& h" ?$ d) t, o- d/ l
developments.
3 f' G+ S% M6 ?0 b/ ~* T
8 a. h% ?' J, _9 c9 R; x+ kInformation note:# u# T: c7 \3 D7 \8 O, A
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
- U `! [0 R+ q3 R; }5 w& Q) z; Uof the Bank's outlook for the economy and inflation, including risks to the projection, will be5 R0 s3 G- R6 s" E
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！