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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. m- S1 b: j/ I: i+ s0 ]
2 e; r, l' y5 K e5 q/ _* wOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight+ f5 j5 H1 y1 i( G/ Q0 l2 }
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 a' _2 J9 f& s: p6 _+ b/ u8 ~- R! qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ l' ~! H" K7 K7 I+ ]& \; M9 Y6 ^$ A
operating band of 50 basis points for the overnight rate.% x' C7 h* E7 w
6 q* Q& ~& \4 }The global economic recovery is proceeding but is increasingly uneven across countries, with0 \+ f% B! |0 G E2 @9 F2 Q% Y
strong momentum in emerging market economies, some consolidation of the recovery in the0 q6 r; ?0 A5 t/ k" `$ v
United States, Japan and other industrialized economies, and the possibility of renewed weakness }& x" N6 o: z
in Europe. The required rebalancing of global growth has not yet materialized.
# j7 K7 n; _( c4 e/ V/ [- `In most advanced economies, the recovery remains heavily dependent on monetary and fiscal; q( ~3 a& u( G
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 X" z4 g, J4 P! C
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: k; I, p) K8 E. P
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
# y2 a8 Q0 ^. @9 uimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 r# k4 Y2 G1 [% K* o6 `8 B: F5 m Tspillover into Canada from events in Europe has been limited to a modest fall in commodity
) M" H7 g8 O' V3 }: jprices and some tightening of financial conditions.8 J* p% G# M% J0 K
( S% A, s0 n g e1 M3 ]9 A- yActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" K) C) X# W! ]" Y3 |" g3 p8 e1 r. a) {in the first quarter, led by housing and consumer spending. Employment growth has resumed.
) @3 z4 l7 ^9 V. q7 j7 W2 t1 I/ EGoing forward, household spending is expected to decelerate to a pace more consistent with
; D2 K, I& V* k) k# rincome growth. The anticipated pickup in business investment will be important for a more
- l5 @0 o" [) rbalanced recovery.( ?$ ]9 d% J9 }5 X. l
: @9 R; Q0 w" KCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects* u( b8 @/ E8 f2 c8 y# I
the combined influences of strong domestic demand, slowing wage growth, and overall excess$ _% s# q2 w4 c% E
supply.
5 |% D3 n+ @( e7 [1 M: [: E8 Q2 r! k6 r& ?$ s( X
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 I4 g0 X) k# g, T# ~! @# M# \
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ! [% ~9 o/ K- m) ^
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 N" i' N* a2 c; v: Qsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
$ t! X0 _$ H3 Y2 k3 _: h. i
: r9 E9 J: D8 D' XGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary. }' J" Q2 v4 ?& g, ] m+ Z
stimulus would have to be weighed carefully against domestic and global economic* r i4 U6 j, h$ C# Q, D. O' n$ z3 S
developments.! G3 E3 g$ A& x
7 j$ V* V$ A2 x& K8 Q/ b. u4 F. `Information note:) w. v' l1 X8 f' T* }
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
& i* `: L; P/ W! Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be4 K9 q" c# e4 f1 [+ k5 @
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！