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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
6 G$ h( f8 W2 o4 P% Wrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly$ W6 {) V- @. N* t1 N' [: E
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
1 I( \' |7 E& L7 Y1 O! Loperating 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
" `! p( W- S2 \& Q, Z; nstrong momentum in emerging market economies, some consolidation of the recovery in the+ o! z0 x0 _) t
United States, Japan and other industrialized economies, and the possibility of renewed weakness
% ~5 L$ G4 q' K# B7 D6 {* A+ \ Q) gin Europe. The required rebalancing of global growth has not yet materialized.
# {; O( V3 k5 }& ?1 ^% }1 cIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal- {+ b: w' ^: C& e
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the6 o9 P+ l2 V4 z! t3 B4 [, v/ s
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result6 K: i; L2 j. P6 a8 y' a; I
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
6 t3 }" |7 ~, @. E! s# Aimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 w' U/ v# d. o) v
spillover into Canada from events in Europe has been limited to a modest fall in commodity2 X' ^# u1 }2 T8 b2 W; {. R
prices and some tightening of financial conditions./ |5 B% c+ F8 Z" j0 e: \
+ E# D0 n! x! k% UActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent( ]" P. v. k3 S) d
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
$ \4 J# ]$ j* j' h1 F" eGoing forward, household spending is expected to decelerate to a pace more consistent with1 l% h8 \7 m$ }
income growth. The anticipated pickup in business investment will be important for a more
% Y* X8 b! N) K$ Gbalanced recovery.0 J9 f! `$ B+ I8 H8 E
2 T0 S. P8 j7 h2 s5 z- UCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! V2 s |9 ]) X3 h9 c) _8 Y
the combined influences of strong domestic demand, slowing wage growth, and overall excess3 R# u6 ~4 v& c. T" P& P
supply.
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" s& D. x+ ]0 O9 H: D' ]) Q" a% VIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and) d8 V0 Z& d& J, J- b
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
9 w; Y" O! _* _0 w" C8 Hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ M2 x# H& D$ r2 Ksignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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3 n' e& a% `) G/ [ U T' U0 A0 eGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
# U, d6 b0 h2 q8 X! pstimulus would have to be weighed carefully against domestic and global economic8 ]( Y' Y. f* I9 D% |
developments.- O V6 m* L6 V4 U+ A
6 O h7 _# K; tInformation note:# S6 a4 X& z/ L1 R- H/ v* F5 R* }' Z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
) G1 o9 n+ u0 E& o& R3 a$ X' R. nof the Bank's outlook for the economy and inflation, including risks to the projection, will be
+ U/ F$ U' k- `5 E2 ?& rpublished 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！