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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 Q! }$ M- d) _
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 \: r# R, A9 i- G7 \: {! f4 [' R
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! O& f6 r# r0 o5 praised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 F* P$ [0 X- I4 x) U* |1 O+ Y
operating band of 50 basis points for the overnight rate.
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! Q3 Q' l8 |. U0 V: l4 IThe global economic recovery is proceeding but is increasingly uneven across countries, with* X9 A- L" P/ g. E; w! ?
strong momentum in emerging market economies, some consolidation of the recovery in the
) p) E4 }4 h; L& O7 A- zUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
! k4 o! ~, D; D4 win Europe. The required rebalancing of global growth has not yet materialized.5 t. C7 m- j% o- ^" n9 l8 n ?+ g
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
/ W4 t6 P, a* B% s) dstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ ~! J. Q! ^! b; D6 C/ ]2 a
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- a5 q7 A, R) [9 I
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an. {4 W5 w& ~: c( f* u8 u8 ^1 d8 Q4 l
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
/ c) n* `! J2 rspillover into Canada from events in Europe has been limited to a modest fall in commodity
* s) ?, a1 v: c5 Y4 tprices and some tightening of financial conditions.
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1 I( z5 z- e0 J& o9 u Q6 y' JActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent! M) |) R8 r- K' e7 c1 K3 c+ X) n7 ?/ a
in the first quarter, led by housing and consumer spending. Employment growth has resumed.8 C* D' m" `1 u
Going forward, household spending is expected to decelerate to a pace more consistent with; E; q, f7 U: H3 i
income growth. The anticipated pickup in business investment will be important for a more
! u3 U7 X8 n0 Q: E$ v% Z3 Kbalanced recovery.
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$ b/ C! {" I6 D) O7 C3 XCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
7 Y& `7 F4 p" {. G' z7 [; vthe combined influences of strong domestic demand, slowing wage growth, and overall excess7 `+ A* W& e& z- c
supply.
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) \3 s7 D6 n3 RIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and' E; \7 ~5 j1 x) R2 B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable . N# U7 S0 w. C& G0 k
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
* `8 f+ H7 x5 N# |- O5 isignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.4 P! Y# Y" c/ N% N" ^9 R
/ t$ I: U7 [7 @; g0 ^1 aGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
, Y# o" D, b, N8 }9 gstimulus would have to be weighed carefully against domestic and global economic
; y+ L5 H' a* j7 J/ s) R( Udevelopments., N/ m) b! F8 K H& o
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Information note:, P8 F) ]# L8 K; V8 k" h% y
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 T& s& T% s2 M3 E% f# sof the Bank's outlook for the economy and inflation, including risks to the projection, will be4 w5 `6 @) l' Z: H7 ~( @
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！