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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, j! c% v) A) R7 R5 x3 }; t
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 V' g- {# L+ S" l* v5 ^& O
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
+ G5 \3 C3 M9 R# P- x: U6 ?raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 j# D" c H6 B$ w( foperating band of 50 basis points for the overnight rate.( W4 a6 H) b& [. G; @# |! N
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The global economic recovery is proceeding but is increasingly uneven across countries, with
/ @0 z5 d; U" _& B# Nstrong momentum in emerging market economies, some consolidation of the recovery in the
, u4 _- \1 j$ @8 V ]- A kUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
* F+ g' s- d) |5 c: cin Europe. The required rebalancing of global growth has not yet materialized./ r! l" P: B# w# ?1 D- B+ t* j- @
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal/ N% _; L g L2 E
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
9 K- n& K/ L' ]0 T* f1 f1 Evariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
1 ^3 `5 g" z5 H9 G5 F! B8 ?& b+ l& min higher borrowing costs and more rapid tightening of fiscal policy in some countries - an d) v2 k3 W, K0 w' J
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 t6 N+ V9 k" r/ ]8 @* dspillover into Canada from events in Europe has been limited to a modest fall in commodity
2 X `- e- d+ u4 W( \0 {, o. Iprices and some tightening of financial conditions.
/ t V0 C/ M$ p! I# e0 s. |2 V r% P1 D9 R2 V
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" c$ H; N4 G, H, P; M8 |2 m$ min the first quarter, led by housing and consumer spending. Employment growth has resumed.
) o. Z, n0 [8 U g& [Going forward, household spending is expected to decelerate to a pace more consistent with, U, M, e: P; G- q) D
income growth. The anticipated pickup in business investment will be important for a more# _2 c# Q- j/ ?9 K* n! p9 c! _+ f
balanced recovery.# e. K: F5 v }
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 y% @ r B: D9 T+ A, q2 M
the combined influences of strong domestic demand, slowing wage growth, and overall excess1 y0 z# I5 V$ j. z' y: H
supply.
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8 i0 ?/ X g4 {# V! a( Q QIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
# X6 p$ v$ u' [5 {9 G" uto re-establish the normal functioning of the overnight market. This decision still leaves considerable
# Y9 ]% N$ I4 zmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
8 L' B% O" _% W1 T$ vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: \5 S) @& ?- j4 S0 I5 S
6 L2 Z% K: f3 z2 Z! }Given the considerable uncertainty surrounding the outlook, any further reduction of monetary/ m* ^' l# y6 B5 b
stimulus would have to be weighed carefully against domestic and global economic
: f6 @" W% }. z3 Ldevelopments.
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! b* b3 v4 \; p$ G* {1 W7 z0 IInformation note:: X' o( [2 J" |! N; ^9 Y! g+ \1 q
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
' \8 O" P" A; w6 lof the Bank's outlook for the economy and inflation, including risks to the projection, will be7 X2 E3 Q% L7 |& ~ y2 G @
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！