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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market0 ]7 v Y4 L$ [1 `: P9 _. @
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 W: S2 ^6 ?0 j9 y# }0 q
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly$ v0 F; \4 d& M8 C
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 X/ d- t( m3 Soperating band of 50 basis points for the overnight rate.
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o3 m+ j: Q+ a8 V; MThe global economic recovery is proceeding but is increasingly uneven across countries, with4 V/ M% I4 S h
strong momentum in emerging market economies, some consolidation of the recovery in the# F+ u) c9 T& J, t' e! _! u) d
United States, Japan and other industrialized economies, and the possibility of renewed weakness; W. |6 C: m% Z. P
in Europe. The required rebalancing of global growth has not yet materialized., _% v/ w" a# @6 A4 i" Z. L
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal B: Q: ~7 X* z& z% C2 ?
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the# G& n! V6 Y: M0 F9 W7 k5 F/ m
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
1 H( B4 R5 @7 i: u. J: G4 Min higher borrowing costs and more rapid tightening of fiscal policy in some countries - an( Y3 ?* K/ J% |% t) }) V
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
( u9 R0 n$ k, i+ d [7 o& Q8 b/ ~spillover into Canada from events in Europe has been limited to a modest fall in commodity
4 T, A1 V; p% @. _; Tprices and some tightening of financial conditions. D9 S1 R2 R, Y# N6 }
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
. |! t% `$ _9 O3 Bin the first quarter, led by housing and consumer spending. Employment growth has resumed.6 N: B0 ]9 d; H, t/ ?, Q- u* Z
Going forward, household spending is expected to decelerate to a pace more consistent with$ @4 ]4 h( ?$ n4 e8 {/ Z& J, |
income growth. The anticipated pickup in business investment will be important for a more+ o/ O% [/ t3 S+ k. d3 w9 s
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
7 E% w) }; }2 Y' x1 g$ ~5 Uthe combined influences of strong domestic demand, slowing wage growth, and overall excess2 N; `0 Q8 X9 r( q' I2 _9 L) X
supply.; }4 o: W1 M0 g" i5 c8 Y
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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
0 ^8 i8 K# N" `3 ]3 } kto re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 D) h! \! j! H; C, C) g1 Z8 H
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + u1 y0 l1 ~4 R* h
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.4 `& g& F7 R* u5 ] E% G) }) d% r4 X
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
0 ~1 Y( a$ F$ j" R4 U$ qstimulus would have to be weighed carefully against domestic and global economic7 S# g/ T/ [ m2 s
developments.
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Information note:5 N1 D$ w; }" T% B u
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ [$ s# a( z5 J
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
# C$ U" T; ]$ K# Ypublished 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！