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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* r$ w; x; S- L, h8 F+ e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
- n, \0 e4 D) B% ^: U1 Xraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal: L/ e6 R. N# Y6 h/ }9 @
operating band of 50 basis points for the overnight rate.9 M1 F! p" b* A) ]) D1 k) Z2 [
$ e) c$ Z0 Z& z( ?5 IThe global economic recovery is proceeding but is increasingly uneven across countries, with
! W: Z& X2 T: [$ }4 R& S! W% xstrong momentum in emerging market economies, some consolidation of the recovery in the% \7 K7 O w0 s# y7 T- i$ t
United States, Japan and other industrialized economies, and the possibility of renewed weakness
/ L: P- a7 q) F1 k2 Kin Europe. The required rebalancing of global growth has not yet materialized.' L4 a3 q7 v0 [, W
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. e; Q9 U V* q: {) }stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
0 `0 N }( g1 U' m) }# t1 ^variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
- u4 k* ^* L. U* z# [1 r# n5 k6 W' fin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& K6 G8 v+ A) A$ |7 s
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 x) K" a/ t$ i* T& W1 x% Z5 r0 Q. |spillover into Canada from events in Europe has been limited to a modest fall in commodity
6 K9 f2 a5 }, l! C) E0 Yprices and some tightening of financial conditions.( t$ @" i: M8 B5 h
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent% }5 r" x" u- ]. a
in the first quarter, led by housing and consumer spending. Employment growth has resumed." |8 |1 z% `) |1 n( s( ?
Going forward, household spending is expected to decelerate to a pace more consistent with
! H+ B( `8 F' `income growth. The anticipated pickup in business investment will be important for a more# Y& @# {. g6 I5 j
balanced recovery.6 t5 g) U7 o* w9 E
I: s: a5 D. Y6 ?' N: ?CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 K, p; H+ V5 o/ J1 B: q/ f0 T
the combined influences of strong domestic demand, slowing wage growth, and overall excess& G- Q Q) k1 p t
supply.
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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 z" c m0 }( e- W
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
* b) ?" F0 Z' G" l7 f( m3 j5 R8 emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
: z( h; `1 X+ F1 Rsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 P2 o; R9 L" |! K/ a! ~: b6 {, xstimulus would have to be weighed carefully against domestic and global economic
& z, ]: U F+ J* A! tdevelopments.1 e9 \' e+ @6 O, x; ^' d
) F) c9 ^% J- l: S ~; T# UInformation note:
: u3 x) Z1 _$ l$ OThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 Y4 v. d/ t2 Q6 X |
of the Bank's outlook for the economy and inflation, including risks to the projection, will be3 b2 l* V2 b0 H6 H9 X! 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！
