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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- |/ M+ K0 Z+ h" E6 w
: V' N4 u4 m6 o+ {" o+ uOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 m9 ^( x0 w0 S; j
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# m5 W, Z) F0 s- braised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 I; `, L: ?; ]: v- J1 i$ m0 Noperating band of 50 basis points for the overnight rate.1 Y; n* T/ Z5 z5 h8 A8 b2 G1 l1 p! p
! d8 a+ }# C9 Z6 {; ^The global economic recovery is proceeding but is increasingly uneven across countries, with9 t0 X$ Y) c1 ?/ S- m6 a3 |* L
strong momentum in emerging market economies, some consolidation of the recovery in the2 @# S0 m2 k" r: [: ^8 H
United States, Japan and other industrialized economies, and the possibility of renewed weakness8 g) _' K5 \( h) m8 `, |6 \0 A, V* L
in Europe. The required rebalancing of global growth has not yet materialized.( g! I1 k; b6 J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal% h: S4 f% M2 \. V8 v* C# U6 [
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ w' A9 d- U7 k0 q! F0 r7 Jvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- S3 q3 Z$ q. ]3 @8 ]
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
# T4 A; }0 Y1 y0 ~. e& ximportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the/ P K9 ?, _* j, @
spillover into Canada from events in Europe has been limited to a modest fall in commodity
, x/ r& e" V# [' Kprices and some tightening of financial conditions.
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. _5 d' F0 j3 h7 {2 E! \Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
. f; J2 r; t7 S# q+ R1 c1 zin the first quarter, led by housing and consumer spending. Employment growth has resumed.5 ~0 Y+ v9 s7 s2 n/ Q
Going forward, household spending is expected to decelerate to a pace more consistent with
! ?' t9 \) f' ^5 R' k# G$ }income growth. The anticipated pickup in business investment will be important for a more
2 [* O: a: K, }: n Y% A5 U9 Gbalanced recovery./ g9 |1 s+ S% B9 p
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
* d5 M4 k a& ^4 A0 K% Ythe combined influences of strong domestic demand, slowing wage growth, and overall excess" W9 b4 W s9 Q; i$ b9 A
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
% q x" |2 y( @4 s! c- \to re-establish the normal functioning of the overnight market. This decision still leaves considerable 0 i* X4 k: {/ u! Z- L
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 n$ N% {+ T* ] \. C( Csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
5 L# S- t9 a! A: `) n3 ?0 [stimulus would have to be weighed carefully against domestic and global economic
$ u( M4 a: S: u- D& k( pdevelopments.' t @5 i8 {2 A! K) C. i3 w5 h
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Information note:
' r4 \0 U- q* J( n& o; kThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update' ]% {- x' i' c: I. b
of the Bank's outlook for the economy and inflation, including risks to the projection, will be4 }& ^9 B: f$ j+ v( y4 Z4 Q
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！
