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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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" y# B5 [& _, j* \5 J5 xOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 `8 j2 |6 ~2 \8 E
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
- @7 _7 X0 ]9 graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
t5 G; n' t7 Joperating 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
2 T+ E) x0 r4 w' v# |strong momentum in emerging market economies, some consolidation of the recovery in the
% V& L& W9 x, N4 gUnited States, Japan and other industrialized economies, and the possibility of renewed weakness1 L5 l2 b. E! _5 R9 B5 A
in Europe. The required rebalancing of global growth has not yet materialized.& @" b" H# x, _# v: z& _" {
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 e! d2 O. t7 {2 U
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the. Q4 S) v9 V% j9 J; v/ F9 ~
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! v0 w9 I% _0 hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an0 z6 A4 s* Q! L( B8 d5 a! L. X4 B' s
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
; M3 v0 q' E7 U3 C n9 Y* ispillover into Canada from events in Europe has been limited to a modest fall in commodity
6 o& W2 T2 M4 A# V7 Y S& `prices and some tightening of financial conditions.
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1 W7 b4 z* H( f+ Z, Q! t8 l! X# K" ]Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
, j8 x% J, X( t8 ]" g$ b3 L3 `in the first quarter, led by housing and consumer spending. Employment growth has resumed.6 o2 a O7 X) B o/ G
Going forward, household spending is expected to decelerate to a pace more consistent with9 M1 n$ L% s9 A- s4 E4 f
income growth. The anticipated pickup in business investment will be important for a more
6 O& ?2 B( Q+ @5 L) Ibalanced recovery.; M, r7 v+ _; Q
; f/ _" |8 W. ]( r8 aCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
- Z7 [- I. w% E) b1 {the combined influences of strong domestic demand, slowing wage growth, and overall excess9 |' m# Q: O! |# p9 K9 g; K* i
supply.2 a1 Z/ [, c; M& w" p3 B, w
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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
' D+ e0 ~/ m8 _6 p' Ato re-establish the normal functioning of the overnight market. This decision still leaves considerable
! t* U" ?# Q; T7 p) N/ o. J: q, ?monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the . `0 [* m/ F! @9 o$ z0 y; n
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.0 r* ?" f$ i' Q
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
$ g" f' ]8 Y$ J8 J8 Mstimulus would have to be weighed carefully against domestic and global economic' _7 G# {, d* R5 N7 Y
developments.
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# Y1 [9 P; |0 T4 t( |' X$ {6 sInformation note:
$ y: ^( ^' Y. A. L* n eThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
8 D3 t6 z( Q) t" wof the Bank's outlook for the economy and inflation, including risks to the projection, will be& y8 d3 d+ _" _( L, _: i
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！