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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 overnight& R3 I$ g) I) ?, j7 B! c
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly' i! g* ~: }' K, \' }4 a
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
2 P& s+ h6 V( k9 [, l! ooperating band of 50 basis points for the overnight rate.) ]3 @& y1 v4 ^3 T* o
, z+ H% X$ u! t7 {The global economic recovery is proceeding but is increasingly uneven across countries, with6 J8 Y7 B5 N, p8 j' n
strong momentum in emerging market economies, some consolidation of the recovery in the
# y1 O: U& [, p) f* [4 IUnited States, Japan and other industrialized economies, and the possibility of renewed weakness u2 S& Y2 J& U' R+ h! h
in Europe. The required rebalancing of global growth has not yet materialized.
: H# x" W3 n$ c' K1 ?In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: e6 E6 z. ^; J% K0 [9 fstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& f$ |1 V" f) k9 E( W2 y
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- q+ Z% J: W, e/ C
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an1 I I' X# Z7 o3 U& E4 P, q
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- l6 v! G R( o4 h/ Zspillover into Canada from events in Europe has been limited to a modest fall in commodity, S& ~ {) Z/ b
prices and some tightening of financial conditions.
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8 H; R7 ^0 u# |% q+ v# }7 NActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
0 b. g6 a% i8 S% `in the first quarter, led by housing and consumer spending. Employment growth has resumed.( G% c+ g9 b! J k+ n
Going forward, household spending is expected to decelerate to a pace more consistent with
0 J0 J% f2 a& d; M* uincome growth. The anticipated pickup in business investment will be important for a more& ~% Y& ~, b9 v) k, O
balanced recovery.9 r% h& L& H( A; B' U" }& i
, g; b7 _0 j( D3 V) n7 uCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects; j: r+ q4 g5 ^0 Y! c
the combined influences of strong domestic demand, slowing wage growth, and overall excess
* {3 W# h" M+ I. Q; Wsupply.
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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
6 M8 p B- I+ _7 _- o3 uto re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 x2 W& _" M6 n" Y( m7 Q- ^1 j+ }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the % ~' p5 S& f. z; I) Q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.( v7 B; e! h. [
# m. z; w$ q* p5 ^ cGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 e+ `6 F5 D$ astimulus would have to be weighed carefully against domestic and global economic& q% J* f+ M- Z! n" I
developments.
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/ e8 V. b# \* w3 c; D; l |Information note:
8 W7 m5 h$ D6 j: X IThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! f! Y9 } s+ X# ?- l! l0 {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be$ s5 ^7 s3 @0 F, i2 r; ]# ~7 p
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！
