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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market2 l8 r: t& ?" r, Z+ u+ c
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' M1 m. l) s6 k! z6 H0 D( R
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# N: z/ W9 j6 z' B. M
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
5 Q( p9 M8 U- a& L2 boperating band of 50 basis points for the overnight rate.
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6 R; O/ [( A8 h; iThe global economic recovery is proceeding but is increasingly uneven across countries, with
5 o! ~6 g! M, U! i* Bstrong momentum in emerging market economies, some consolidation of the recovery in the9 W9 D' H% Y, s% k0 u
United States, Japan and other industrialized economies, and the possibility of renewed weakness# C9 H9 S. d+ P
in Europe. The required rebalancing of global growth has not yet materialized.
* r4 C: E$ A5 f2 O8 y3 p% y/ O/ uIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
' B I+ U d1 I# W5 \" \stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, `# H. E$ ?2 [variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( j- o9 k2 M$ v+ O: i$ z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an# h' y( U/ g, |" x. A
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' Q+ ~- h" t; [spillover into Canada from events in Europe has been limited to a modest fall in commodity, ~8 w. K7 Z4 r8 m+ Y3 Q% E4 k3 s `
prices and some tightening of financial conditions.8 H z6 g) s$ @0 j9 P
9 ^* \+ p$ K! BActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 \1 e, `( }% l5 v, j: jin the first quarter, led by housing and consumer spending. Employment growth has resumed." H/ V4 U0 Y7 r, S5 T
Going forward, household spending is expected to decelerate to a pace more consistent with: j1 K1 Q0 L) y7 f* }4 R; y- K
income growth. The anticipated pickup in business investment will be important for a more
/ \1 n: t* v" s3 Fbalanced recovery.' _2 O0 h2 T) v: b
9 f3 l: ?8 p1 z8 gCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ e- Z! e1 x' Xthe combined influences of strong domestic demand, slowing wage growth, and overall excess
. c5 U# E. s9 }9 F& Usupply.
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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
8 N: p+ F% ~/ L. s4 A, z9 Uto re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ M% w9 n! g9 \6 X* pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
. M+ I& X5 F9 H- Y4 }3 o9 H0 Xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.1 u `9 S& _# O+ _7 e& m( u
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary+ X1 `8 Q2 _2 \- n2 \
stimulus would have to be weighed carefully against domestic and global economic) |& e$ t- j$ S
developments.+ d# X1 C& g. p5 F- \. }; N9 x
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Information note:3 D: x- q' q0 J+ L$ [9 M$ [
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
; k2 t% T/ E( r) z7 P9 g- O: u* mof the Bank's outlook for the economy and inflation, including risks to the projection, will be
1 z. E; h" n: N0 l9 t3 n+ `# {8 X* fpublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！