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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* r+ L Y% ~: c, X W, B7 V
) ~& i9 `3 T5 rOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' ^# B9 C1 ]) l- o/ v7 g
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly R4 g2 Z, z% K" W5 S. `
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 p6 c9 U9 x: z) g' H' D
operating band of 50 basis points for the overnight rate.
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$ a! E& a% x5 tThe global economic recovery is proceeding but is increasingly uneven across countries, with
/ n4 O. x- g5 astrong momentum in emerging market economies, some consolidation of the recovery in the
7 r! d9 V$ O+ v9 }; O/ N8 uUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
9 J6 H; v5 V. Q# O( n* K& p/ R. iin Europe. The required rebalancing of global growth has not yet materialized.' H2 F2 Y4 z5 A) b
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 E# |, y3 P- H3 [4 x
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; Z9 [' R/ m; `1 U6 a0 ^: X8 k f2 |variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result. g$ I0 h6 F) w0 P5 t! Q
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an. X, U6 ~& Z }2 _6 H
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
0 h _4 l9 ~! X# Pspillover into Canada from events in Europe has been limited to a modest fall in commodity
' ]; J. o% h& t3 yprices and some tightening of financial conditions.; ^/ a6 Q3 c, k
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent. f* C6 J* T, F
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& Q0 k4 b0 f: H: `7 q# DGoing forward, household spending is expected to decelerate to a pace more consistent with
: Y$ X, ?0 y; k. wincome growth. The anticipated pickup in business investment will be important for a more$ k4 Y5 Q( H5 o8 G- B2 X3 ~
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 z; F6 e( b; N6 R/ j% sthe combined influences of strong domestic demand, slowing wage growth, and overall excess
# ?, b4 o1 `1 |# L5 t. \supply.
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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
' f. I9 B8 |* T( pto re-establish the normal functioning of the overnight market. This decision still leaves considerable ) o1 D# {7 j+ C$ }8 ?
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
: K& G$ A0 O: Rsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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) Q$ y# f' L9 K0 ?6 L- eGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
' a! O7 Y! l5 A) Cstimulus would have to be weighed carefully against domestic and global economic3 j/ A) J7 m2 F+ u, v3 f: W
developments./ A& T; A, r# W
' l0 j6 e( d6 {* qInformation note:
7 k/ l4 S! F7 n# O; aThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( I6 @5 L" h! j* n: V9 @
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
- L: k" Q; \+ M, w4 X: X+ x" Bpublished 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！