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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 D8 c' D5 b5 h! u
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 a: \! Z1 i3 y$ T: @% s) V J$ s4 craised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! P0 d( S, O; R0 U1 t/ Ooperating 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
X' Q/ J, Z4 s; k* e. H* mstrong momentum in emerging market economies, some consolidation of the recovery in the" _4 W/ K" x% R+ q7 r9 Z% E6 P
United States, Japan and other industrialized economies, and the possibility of renewed weakness
, M0 U. S: r w- N3 `in Europe. The required rebalancing of global growth has not yet materialized., {1 i9 c7 H/ S$ G d0 K
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal8 N- Q/ m5 {0 B( R* E/ a
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. J- ~3 p& j! z% tvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
: [5 Z& n6 @4 Jin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ K2 j8 K1 T2 g0 y- x
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 r) h& l& `# B) z) D& p3 Z, E, y4 w
spillover into Canada from events in Europe has been limited to a modest fall in commodity
6 m- p) X. e# {# U) w( P6 bprices and some tightening of financial conditions.) f3 \* x. I1 l W
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent1 W8 R% |/ j. f# W! E* i' x3 J
in the first quarter, led by housing and consumer spending. Employment growth has resumed." x1 N, U2 e+ P) ~: s' o9 ^8 L
Going forward, household spending is expected to decelerate to a pace more consistent with
. }# N! g* }$ ~; z% M9 X0 Q% {" eincome growth. The anticipated pickup in business investment will be important for a more
4 r& ^/ |3 v K. C1 {balanced recovery./ c! u& t: I+ z E6 y2 u ^% _$ @
B- B' \% b: y. ?CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects5 D( i* b4 r8 J& A, j0 Z8 Y
the combined influences of strong domestic demand, slowing wage growth, and overall excess
6 e u8 C% W+ y4 \" L$ ysupply.
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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
1 @3 Z& P4 \& Qto re-establish the normal functioning of the overnight market. This decision still leaves considerable
& |# s! U& V& Qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% v& [ \; _- Q/ m/ msignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ a1 m5 ~; Q6 C% k
) L* w( S% p; P) \: KGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary) r2 @3 l- h" v1 _$ x/ h9 n
stimulus would have to be weighed carefully against domestic and global economic0 z5 o! @( F* F" \
developments.
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, k4 @8 ^' S8 s* k' o. H oInformation note:, c/ K" j9 k( K& ?% y% \: q& q
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update: I# t7 R8 F2 I9 D
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 j* f# R& q& i, t- \" zpublished 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！