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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 overnight3 R8 j8 I$ u' f
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ ?, C* [3 O& t& I+ r0 \ |raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 @7 z4 I5 u# Y) f7 p/ B: p; y
operating band of 50 basis points for the overnight rate.
( H' O, T0 b! W ?& H' t) @+ Z e2 T" ]0 [# P9 a W- a/ {
The global economic recovery is proceeding but is increasingly uneven across countries, with( y3 @4 O4 P4 C+ A
strong momentum in emerging market economies, some consolidation of the recovery in the3 c% f$ N" I0 O1 m# `
United States, Japan and other industrialized economies, and the possibility of renewed weakness
; \: p6 g$ a) v) Q2 Xin Europe. The required rebalancing of global growth has not yet materialized.
% }' a; U2 @$ l8 I/ _In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 m+ t$ ^. n! nstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) T [' z% y9 |7 ivariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- u) r2 V! g& ^9 g7 e7 }
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an3 j7 W) ^9 G' C" ~/ H" M& _
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
2 y z3 w; X, J9 Q. h/ espillover into Canada from events in Europe has been limited to a modest fall in commodity$ B7 Z( u0 o0 m6 h' k
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" E: q5 ]" a5 Qin the first quarter, led by housing and consumer spending. Employment growth has resumed.# W. d9 p( y5 s. m( L6 B a
Going forward, household spending is expected to decelerate to a pace more consistent with* ]+ K W5 g1 s4 e' u1 A Q+ M
income growth. The anticipated pickup in business investment will be important for a more$ h: D' m) T+ o1 n
balanced recovery.
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' s! V! ?+ n/ A! I% C- G7 ?! k1 D3 RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 H( b8 c/ e5 U9 o: W, ?% G6 Z8 O
the combined influences of strong domestic demand, slowing wage growth, and overall excess9 P0 c6 I, K3 S
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
8 K+ r6 Q; F: g- ~7 }( D+ v- xto re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 N. ^, S/ \! q; k
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 t# }2 K& m( S1 w! k, `2 vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.( l1 k5 b0 g+ u$ l z& t/ ~8 b0 A& r
8 X: B# D( o) t
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary" i( t- @. g- L0 h8 y+ j; `
stimulus would have to be weighed carefully against domestic and global economic9 g1 u4 o6 v( t; Q( A6 D
developments.3 `/ L, r5 K1 ~6 e- q
5 N3 h* Z' E" K0 O0 f OInformation note:
6 W6 @) a* Z8 fThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( O5 T4 Q* F Y. ]4 a
of the Bank's outlook for the economy and inflation, including risks to the projection, will be( P- J* @% \# o" ?1 o' H' R
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！
