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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 \# n& i$ p/ R% B2 Z
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
1 k8 F4 Q6 X8 lrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 z3 J8 I1 U! X4 a8 Q: Q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal1 F% s9 M" f$ B: ]4 }) p; O! j e
operating band of 50 basis points for the overnight rate. s* E. [; z8 c
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The global economic recovery is proceeding but is increasingly uneven across countries, with
. a" P' N% L/ E N% Ostrong momentum in emerging market economies, some consolidation of the recovery in the
) {5 F9 D3 @( R) BUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
. v' S9 k' m7 j, P( F0 j2 |) kin Europe. The required rebalancing of global growth has not yet materialized.
7 M: x6 p% _: }In most advanced economies, the recovery remains heavily dependent on monetary and fiscal" { @6 u8 b5 s: w4 I
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the/ A6 u6 A7 G' q0 X# g9 i6 V
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, E- o$ w) {0 V# q" r4 R4 h2 Z7 v
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! _* G- I7 B3 m8 p
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 b/ j; u( T/ M. }. Y: Cspillover into Canada from events in Europe has been limited to a modest fall in commodity* S y' m( [( \4 d" H
prices and some tightening of financial conditions.4 u+ T. c z- n
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
8 y- M# a! }/ e, F7 \$ W/ a# ^" sin the first quarter, led by housing and consumer spending. Employment growth has resumed.8 n8 D+ H% Z: W0 z5 l9 x+ q
Going forward, household spending is expected to decelerate to a pace more consistent with
]$ e0 T) v$ F% d4 g5 ?: |income growth. The anticipated pickup in business investment will be important for a more
. j) T: [* _! ^' ~5 \ \balanced recovery.
' D8 U& a' E) H: d
& R. d* R( V5 o( o8 L- n- h( \; y# qCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects" H3 ?- [# s/ N
the combined influences of strong domestic demand, slowing wage growth, and overall excess8 x; h1 C( D' E
supply.4 ]% R; O; V, R' [7 ^$ [
& V( [$ l+ j) M9 ?4 v4 D2 DIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 j5 E; i2 j+ W7 I( _to re-establish the normal functioning of the overnight market. This decision still leaves considerable % ]# J; @" P6 u' M8 q5 S6 y
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 {9 P H3 ~% C! b3 jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery." s. F" D% e) y1 R
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary$ m; [, z9 o( q- M$ {- i& `! X
stimulus would have to be weighed carefully against domestic and global economic6 @% x5 B9 B& I% [) r* R
developments.) ?3 w! H8 }6 O$ e' k! _8 R
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Information note:
0 D" ]- @9 l, x% }( D8 E, O6 lThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, ]# r1 e7 _8 Bof the Bank's outlook for the economy and inflation, including risks to the projection, will be
- X I- r$ U N' P& n# 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！