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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 overnight6 i2 a3 [" v5 {4 N0 J
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 Y8 o$ \" c C
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# b. O+ C4 _# ]' I b% Ioperating band of 50 basis points for the overnight rate.; W8 ^5 z2 A+ t
, x6 Y! Q& W+ K8 B L& X: JThe global economic recovery is proceeding but is increasingly uneven across countries, with+ t/ L0 F p' f( t' X
strong momentum in emerging market economies, some consolidation of the recovery in the
/ B# [$ v. w4 M' N% }3 J) o" PUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
1 `4 N/ o% `+ P; g4 I" rin Europe. The required rebalancing of global growth has not yet materialized.
% }0 k9 }; p9 b) {In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
3 {9 x. j4 S: o# S$ t- H) L. |stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; b* D! ^% d7 K* Q3 Yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
2 v" `+ S7 F/ C) x: zin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, C! E, r6 g; A- |( D1 |( Fimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 W1 @! b% @5 l) q$ P! F" s
spillover into Canada from events in Europe has been limited to a modest fall in commodity# K" g! n/ K# S
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent( ?6 q7 h+ G& m+ O! U8 v) X
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
% j# {8 s% B* [Going forward, household spending is expected to decelerate to a pace more consistent with
2 G# ]" ]! F% g) ?income growth. The anticipated pickup in business investment will be important for a more
$ U1 j7 K: }4 I- d- Q' l7 rbalanced recovery.) x! ~3 @( }! x: B7 y
5 r% h9 M- b9 I2 P3 X* RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects* [4 [! n1 v+ a+ W
the combined influences of strong domestic demand, slowing wage growth, and overall excess2 Q2 D* E% E- H* Y* s' k
supply.
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2 d( `" C! o2 s8 i# [8 k% f2 {# AIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 P- k( `" j- |/ D
to re-establish the normal functioning of the overnight market. This decision still leaves considerable / o Y- V @& _5 F
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
P5 m5 I4 }, e% N8 N9 M( u0 r8 Dsignificant 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& C5 E5 p( ~3 N# } X
stimulus would have to be weighed carefully against domestic and global economic9 L* d9 U$ ~9 X# @$ f
developments.
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Information note:$ J; [( ^) x3 S- l4 @3 Z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
' l: X) F4 B$ v5 Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 e) X* ]! I* T' q% a k$ V! o( Cpublished 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
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