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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 q( z# T$ m0 N" I
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
% L5 @# u# D7 Mrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! {* R0 Q U, O% ~5 draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal2 P' C3 ]( Z; u: {7 ^" R
operating band of 50 basis points for the overnight rate.3 h# ~; ^4 P, D y
0 \# h4 f! F4 l5 EThe global economic recovery is proceeding but is increasingly uneven across countries, with
( z6 U7 o* `5 @! u) _strong momentum in emerging market economies, some consolidation of the recovery in the
+ A' d) F9 |; l MUnited States, Japan and other industrialized economies, and the possibility of renewed weakness0 u5 @7 A9 x/ H* E a& p' v
in Europe. The required rebalancing of global growth has not yet materialized.
( F0 z7 J+ q, @0 `, o& mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
1 B' ?8 m" d# m9 T! M* s3 lstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the P4 B" S0 @. |
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
% c( O+ h; _& c! `in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& N$ q2 w, J& V; C' {
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
Z: ]5 k8 T2 espillover into Canada from events in Europe has been limited to a modest fall in commodity* R6 n0 g c3 v
prices and some tightening of financial conditions.! z" X% t; x4 v ^) l4 `
Q- O" K/ p, D# ^4 j; d1 j) AActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& x) y8 v" o6 \% x% Z
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
4 o9 _; l. t$ ^, ^ [Going forward, household spending is expected to decelerate to a pace more consistent with: R$ ?+ @8 P; i; c0 ~1 ]
income growth. The anticipated pickup in business investment will be important for a more
- U% v( J7 R, ^1 W5 E/ _balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ n2 V* [2 k* j, }the combined influences of strong domestic demand, slowing wage growth, and overall excess
' I0 t: e+ w( u: j7 a1 Y- rsupply.
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6 ^$ \2 E9 {8 F, Y( G+ r' BIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
4 q) N: d) y# R1 W0 R- U9 ?0 pto re-establish the normal functioning of the overnight market. This decision still leaves considerable + Z, t g2 Z5 q! ^
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 6 q0 ?! }5 p6 I8 X! h6 {
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.0 T- z4 [: V5 B. r4 L- Y& b5 x
2 y, c, j2 p% sGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
% ~% ?, {! h- D) O) f5 k% \stimulus would have to be weighed carefully against domestic and global economic
. w% Q1 @4 J \3 E i" c+ W' bdevelopments.& C, }4 I. q. H* L8 r. S( E: m0 {. K
, [/ \& k" Y$ A4 m9 y- k! ]. R
Information note:$ T0 ?9 r3 g. J# @+ z; U! \
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update, q9 k4 w8 l! u( @* O% T7 @! V" F0 c
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
' C& Y* W- r0 r w$ s! Z9 C' `7 ]published 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！