加拿大央行降息一碼至2.25％ - 理財

結果加拿大幣崩到三年新低。

下一次加拿大央行決定 overnight rate target 的時間為 Dec. 9, 2008。

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Ref. http://www.bank-banque-canada.ca/en/fixed-dates/2008/rate_211008.html

Press Releases 2008

FOR IMMEDIATE RELEASE CONTACT: Jeremy Harrison

21 October 2008 613 782-8782


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Bank of Canada lowers overnight rate target by 1/4 percentage point to 2 1/4
per cent

OTTAWA - The Bank of Canada today announced that it is lowering its target for
the overnight rate by one-quarter of a percentage point to 2 1/4 per cent. The
operating band for the overnight rate is correspondingly lowered, and the Bank
Rate is now 2 1/2 per cent.

Three major interrelated developments are having a profound impact on the
Canadian economy. First, the intensification of the global financial crisis has
led to severe strains in financial markets. The associated need for the global
banking sector to continue to reduce leverage will restrain growth for some
time. Second, the global economy appears to be heading into a mild recession,
led by a U.S. economy already in recession. Third, there have been sharp
declines in many commodity prices. The outlook for growth and inflation in
Canada is now more uncertain than usual.

Consistent with the G7 Plan of Action, major economies have announced
extraordinary measures to stabilize their financial systems. These initiatives
will be pivotal to resuming the flow of credit to support global economic
growth. Canada's economy and strong financial system will benefit directly from
these actions.

The weaker outlook for global demand will increase the drag on the Canadian
economy coming from exports. Lower commodity prices will also dampen the
outlook, working through a deterioration in Canada's terms of trade to moderate
domestic demand growth. The marked tightening in Canadian credit conditions in
recent weeks will restrain business and housing investment. The Bank expects
growth to be sluggish through the first quarter of next year, then to pick up
over the rest of 2009 and to accelerate to above-potential growth in 2010
supported by improving credit conditions, the lagged effects of monetary policy
actions and stronger global growth. The recent sizeable depreciation of the
Canadian dollar will also provide an important offset to the effects of weaker
global demand and lower commodity prices. Overall, the Bank projects average
annual growth in real GDP of 0.6 per cent in both 2008 and 2009, and 3.4 per
cent in 2010.

With excess supply projected to build throughout 2009 and lower assumed energy
prices, inflationary pressures will ease significantly relative to the
projection in the July Monetary Policy Report Update. Core inflation is now
projected to remain below 2 per cent until the end of 2010. Total CPI inflation
should peak during the third quarter of 2008, fall below 1 per cent in the
middle of 2009, and then return to the 2 per cent target by the end of 2010.

In the face of diminished inflationary pressures, the Bank of Canada lowered
its policy interest rate by 50 basis points on 8 October, acting in concert
with other major central banks. This extraordinary move, combined with today's
announcement, brings the cumulative reduction in our target for the overnight
rate to 75 basis points since the Bank's last fixed announcement date. These
actions provide timely and significant support to the Canadian economy. The
cumulative reduction in the Bank's policy rate since last December is now 225
basis points.

In line with the new outlook, some further monetary stimulus will likely be
required to achieve the 2 per cent inflation target over the medium term. The
evolution of the financial crisis, its impact on the global economy and the
timing of the effects of the various extraordinary measures being taken to
address it pose significant risks to the projection on both the upside and the
downside.

The Bank will publish the details of its new projection for the economy and
inflation, including all the key risks to the projection, in the Monetary
Policy Report on 23 October 2008.

Information note:

The Bank of Canada's next scheduled date for announcing the overnight rate
target is 9 December 2008.

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