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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market0 E) ^- }3 F2 S
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight! P, ^- W( F% w1 a
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: a0 n+ c: Z, R) I7 u) G
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
3 w6 D9 P" w9 R' V5 L: x2 b+ Xoperating band of 50 basis points for the overnight rate.4 d: `; O( a; k* K- x& ?
. E$ x; X7 v% @* f- Z5 QThe global economic recovery is proceeding but is increasingly uneven across countries, with( F) @/ {3 f, B( T8 X+ T
strong momentum in emerging market economies, some consolidation of the recovery in the9 j6 c7 R: ]" a8 z4 _
United States, Japan and other industrialized economies, and the possibility of renewed weakness
+ Y! X% Q: j& z. b, |2 e. Min Europe. The required rebalancing of global growth has not yet materialized.3 i; L0 k9 B9 ?3 t6 P/ q! n
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& x2 y/ U2 z. }/ L* istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
( k, d" ?; A' r9 O; w0 o0 {$ C5 Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
S1 ], _* b& Z: b& e. ^- ^in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( a# Y0 M' x6 B0 n9 F+ _' [important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 e" i s" J7 W7 N' V
spillover into Canada from events in Europe has been limited to a modest fall in commodity
% J, L }+ {5 q( ?prices and some tightening of financial conditions." h' C L6 t. q: y% U: }; X
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 {5 S/ Y" u0 J9 ^* b, g
in the first quarter, led by housing and consumer spending. Employment growth has resumed.6 H3 R% L1 f- Z: K( n% c8 q' f
Going forward, household spending is expected to decelerate to a pace more consistent with5 K E5 H. I! V: Z
income growth. The anticipated pickup in business investment will be important for a more
4 R3 t9 U# P$ o g. sbalanced recovery.2 Q' x7 F" A+ h/ B; V5 p5 ]
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 J, w' `+ l+ K! V5 N1 z5 l
the combined influences of strong domestic demand, slowing wage growth, and overall excess2 S. b: i$ V6 P6 e( e L
supply." E5 r/ z& H- t
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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- @. K$ D# s- J8 P* x
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ' o- W" H6 X! a, U5 @" G- O
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 6 t0 Z, ]# l7 Y* {; s+ [. [) m
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& A: k. z8 }6 z4 r% L
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
+ \1 _' H! ^! w3 t4 | ^stimulus would have to be weighed carefully against domestic and global economic) j( o& @/ a1 @! I: K
developments.
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" W0 O6 o! P: p6 y. mInformation note:
+ h5 a* ^/ e" r. | { U) O( pThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 {2 w3 T6 i# l6 o9 E: J
of the Bank's outlook for the economy and inflation, including risks to the projection, will be( s, T* a; c' Y1 q9 D+ U
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！