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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight5 Y% S' B8 z' I5 ^" B* D
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% O+ l" C" F4 v
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
2 m# C! x4 Z5 F) Zoperating band of 50 basis points for the overnight rate.+ @9 t7 R6 m7 \: [1 C+ G
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The global economic recovery is proceeding but is increasingly uneven across countries, with
( ~7 ^3 [% Q$ B1 L6 F1 Xstrong momentum in emerging market economies, some consolidation of the recovery in the
7 F8 N2 G" }0 x2 S& F. t. h) {United States, Japan and other industrialized economies, and the possibility of renewed weakness
6 Z- W5 j: p# Nin Europe. The required rebalancing of global growth has not yet materialized.6 S& S7 F* J0 G5 X5 S2 a- K
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 E+ V0 E, O' h, V3 i4 x1 J$ dstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the( {0 U8 C, [$ c$ a# ]
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result$ Y4 M% s d$ ~6 C2 b) i" J
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
1 @; ]" Z* j; a. z3 ]+ @important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 @1 {- W# S/ b! nspillover into Canada from events in Europe has been limited to a modest fall in commodity
8 [) `& h0 |& _* ? w& h! A! Fprices and some tightening of financial conditions.9 L2 J& X4 J# b, O9 s6 y& O2 e
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 m' d& e v: ]% u3 T# N" c
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
7 D x2 j6 H/ X4 y( YGoing forward, household spending is expected to decelerate to a pace more consistent with
+ A4 P1 ^% P9 g! L5 d- i9 Bincome growth. The anticipated pickup in business investment will be important for a more5 e8 K; `" j+ d- M+ D
balanced recovery.9 I- C( @( z. p8 _/ K# f2 y# U
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
% B. C. U! H- S' T- W* {! k/ Nthe combined influences of strong domestic demand, slowing wage growth, and overall excess+ w' f) s/ M: C' Y
supply./ f: l% a m! `4 q8 x, R
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) \) @& h+ b, v2 ato re-establish the normal functioning of the overnight market. This decision still leaves considerable # R; c+ W) X. M6 |. |$ p
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 5 [+ o2 R" l- E& y1 q/ B
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary r$ P4 F+ W+ t" L, Y1 j1 g2 a( k
stimulus would have to be weighed carefully against domestic and global economic& s5 h6 M! a5 R# y" v. L+ q
developments.
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* \! ] F* Y# d& d9 Q2 E m4 K8 q# vInformation note:4 }* J( b3 }' s/ j1 `
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update: b: n* a% m k3 b6 z, q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
2 Y4 J/ U( k$ B: `/ wpublished 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！