 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
. n/ I8 s' G; M% ~* v6 m& y" I1 I( |+ P2 c
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
4 y& K& n# {# k6 xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly" N3 z4 a$ S/ s, K5 d3 J, g
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
- K, o, a2 y- loperating band of 50 basis points for the overnight rate.
1 ^9 U! j6 {2 j8 W! G( O# ~4 B4 t! |- M6 @1 V
The global economic recovery is proceeding but is increasingly uneven across countries, with/ d: i) e" }3 W& K4 h' d
strong momentum in emerging market economies, some consolidation of the recovery in the% a/ d" r, i0 O
United States, Japan and other industrialized economies, and the possibility of renewed weakness
9 x, s3 j0 c. Q8 L1 x7 O6 cin Europe. The required rebalancing of global growth has not yet materialized.* I1 P6 c" Y, f1 m# R1 ]
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 `4 v ^+ s3 }6 M0 @: ]; wstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
: y" s6 u9 J* n Fvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, G- j% O5 ^' v- H* [/ Rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an) \* H$ W& Q q8 g7 l3 m
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the T6 {4 }. z- h, B
spillover into Canada from events in Europe has been limited to a modest fall in commodity
: }8 C+ B8 B! w) d- X+ v! l9 tprices and some tightening of financial conditions.
2 T0 L H! a8 C1 T/ Z3 K- O3 N
; M& m: {- o! k, A8 i; ZActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 m! V$ k! s" B- o! }
in the first quarter, led by housing and consumer spending. Employment growth has resumed.$ k+ V. d! M1 M
Going forward, household spending is expected to decelerate to a pace more consistent with
$ ?% q# x/ \. x% p5 p2 Lincome growth. The anticipated pickup in business investment will be important for a more
8 X# K* W% ~. y6 W( hbalanced recovery.
7 `5 l% w) P( `/ k4 v
0 j$ H# a! r8 k: x/ {! fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects; }6 |/ Q+ }4 {: c0 w$ R
the combined influences of strong domestic demand, slowing wage growth, and overall excess
, p/ G- D' h0 ? I+ bsupply.: ^0 ~" O8 V6 Q5 n: l5 `& ^" m
5 x/ e' m# z. b# D xIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and1 E+ c! |/ E1 w! D1 N
to re-establish the normal functioning of the overnight market. This decision still leaves considerable / U; X! U; F& z/ |' y
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& O- J9 Q1 H$ z6 k+ ]7 R- ~! Zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
* i' q+ b/ b0 `. n# f5 J# N: J. V
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary# w2 v. a9 V9 S; j4 p
stimulus would have to be weighed carefully against domestic and global economic' s1 j9 Q; _3 v
developments.
9 x& k5 k A0 \7 k' f5 t) S, F2 C# x r" d% v
Information note:5 k, ^0 n: z3 q; t
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update- f0 P+ v7 p2 B. H) C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be) x7 _4 c% U* k6 U; F6 o$ L8 s W
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！