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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market5 |$ [* }+ i8 G6 L1 i# x& A) ~5 w
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
9 H ?9 [! I6 ]/ D( `rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 [( y2 f' W3 k$ mraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 Z' W% ?% Y3 S4 Y9 K. p b' Loperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
0 Q+ Y9 l3 o3 W" W$ d' }1 istrong momentum in emerging market economies, some consolidation of the recovery in the4 |7 ], ?2 O$ Q- P4 W
United States, Japan and other industrialized economies, and the possibility of renewed weakness
! V& \& s7 z/ C+ ^5 v: Uin Europe. The required rebalancing of global growth has not yet materialized.* f1 U0 P: x, S/ _8 q& |
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal, G; }4 n3 C6 @1 t! e# P7 S
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the! d2 O) A; j) ^( B3 ?
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result& S9 F! N: S- l6 K7 S/ h
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& b) M& X$ g6 H3 M9 c) R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 `! l, C# ?+ l5 ?- m
spillover into Canada from events in Europe has been limited to a modest fall in commodity i+ w: n! C+ _# T# m- A
prices and some tightening of financial conditions.5 \ s4 y0 D3 r$ Y
) \% l! A/ l0 N6 sActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) [0 v3 C* Z7 Z% o7 o5 h/ u1 P& D. nin the first quarter, led by housing and consumer spending. Employment growth has resumed.- N) Q2 X8 m% T3 M$ }! [! H
Going forward, household spending is expected to decelerate to a pace more consistent with* X: R: L# R: Z' m1 [' Q
income growth. The anticipated pickup in business investment will be important for a more
& C* C+ S2 v$ u- rbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 Y( z0 h& k: z
the combined influences of strong domestic demand, slowing wage growth, and overall excess
! X* d5 u1 B! ^: psupply.
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6 L. A% a* S% ^In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
* x* D8 ]& }6 ^! n1 N- | Cto re-establish the normal functioning of the overnight market. This decision still leaves considerable ) F C9 z4 R: ]4 _* b+ a! s
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' ~# P5 |- X c9 {/ o5 m' e
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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( K) b. N( q& A S1 W* [1 BGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
0 t# v, ^5 W/ g; J& zstimulus would have to be weighed carefully against domestic and global economic+ x+ _! H: H) f0 P
developments.
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( g# q& ]6 e, i+ `- I* U8 UInformation note:
$ Z% M+ f; E, q' t/ ]! DThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% A8 \" A5 _7 |! |. _of the Bank's outlook for the economy and inflation, including risks to the projection, will be! A+ P" _* T* r9 Y/ W1 U: x
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！