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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
! p2 p1 ^; y: [/ a% |. H8 xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
& D- a3 r5 w8 ]' l9 B: {raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal' a' ]2 y" m3 I N" A
operating 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& t/ A; g' j6 d; Z: s) ?# `" r
strong momentum in emerging market economies, some consolidation of the recovery in the
2 W3 W3 w8 J. m3 E: ]United States, Japan and other industrialized economies, and the possibility of renewed weakness" \+ i/ `7 D7 Y. ?
in Europe. The required rebalancing of global growth has not yet materialized.% N0 G# f6 v2 U8 w$ j* l. e4 h0 i
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 P* g; R, y( r+ u1 _6 o0 g
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the' x5 k- o- {! F" v4 u
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- @6 B. Q; c2 ?
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
6 x% C w# B) q. u1 y/ r$ Cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 G4 }+ Q& ~# ~' m$ T2 @; i# gspillover into Canada from events in Europe has been limited to a modest fall in commodity
6 v* F ^, i, d. M1 l) _4 b+ Nprices and some tightening of financial conditions.7 b2 e, b, M3 G4 X( E* T7 m) i
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; _6 `! l m) Q, p/ W! Oin the first quarter, led by housing and consumer spending. Employment growth has resumed.
, q1 ]9 c0 Y- y$ B' @Going forward, household spending is expected to decelerate to a pace more consistent with
+ C6 J* O6 K+ i" \& Nincome growth. The anticipated pickup in business investment will be important for a more% n8 D! H6 h6 [% u
balanced recovery.7 [; p) e4 s7 W& W. H# y& H9 j+ u& j
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
7 O0 m/ c& a3 S3 ~1 Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess8 @2 g6 d3 ]8 N
supply.3 d- T5 N* i2 T7 |$ f. i3 E) b
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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* J* O9 S* s! u, x' W: K1 M
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
( c, \9 s; P( P0 \& t% bmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ! h% q; D% }% P7 `% w6 v
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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1 C% T. P1 |8 a6 [! b9 D iGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary8 o- P! @* k) o
stimulus would have to be weighed carefully against domestic and global economic* S$ @+ O X, c2 |' ]) a5 U
developments.
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& W9 h. x9 K3 S% pInformation note:
' v( {) }" g9 g3 EThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# \8 s" G" l% Q$ A7 }7 l; Kof the Bank's outlook for the economy and inflation, including risks to the projection, will be$ b2 c1 h) l( c! g, n
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！