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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market0 \9 _- e( X. w
4 |7 r. B/ V6 e& F+ DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight- _$ Q- c, O) p9 {5 h. {
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! R: G8 W! z: L, u ]2 praised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 }" q5 E3 V* w. a9 c0 g" k0 U
operating band of 50 basis points for the overnight rate.. T8 X# u& ^- u+ H( J! M$ ?
2 u. M& e y0 Q2 M; [The global economic recovery is proceeding but is increasingly uneven across countries, with0 M' F( P9 u- Z8 ?! f; d* {3 Y
strong momentum in emerging market economies, some consolidation of the recovery in the# `7 A' n7 x+ g) \$ I
United States, Japan and other industrialized economies, and the possibility of renewed weakness
. T* r9 \$ v, o7 N/ g# F/ D1 ]in Europe. The required rebalancing of global growth has not yet materialized.
+ t& y/ W1 X; \) _) @In most advanced economies, the recovery remains heavily dependent on monetary and fiscal& k: [8 U5 M* d' {
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, e3 | L4 M. h3 Y# ^variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
3 a, l) l8 l Z3 C3 p- K% Vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 H+ a: O! Q7 e& _% gimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the) v- S+ \# g7 j( v
spillover into Canada from events in Europe has been limited to a modest fall in commodity* I1 L9 L; P0 N5 E2 U: E/ o
prices and some tightening of financial conditions.
/ T# p, ]4 F5 W9 n% \
1 h) _- U- E$ R' i$ wActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent( c M$ q0 r; o/ v1 j
in the first quarter, led by housing and consumer spending. Employment growth has resumed., U1 C. Y' C$ a" J
Going forward, household spending is expected to decelerate to a pace more consistent with
; x& \" O8 x& `2 q3 S% M6 _, s% H" \income growth. The anticipated pickup in business investment will be important for a more$ R6 R. N5 e& @
balanced recovery.6 }: G% `& u: F! X: [; `/ T, `6 ?
# X( |% T* H4 Z. c. l! `CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 A* @ `2 V6 `( F, kthe combined influences of strong domestic demand, slowing wage growth, and overall excess4 s5 J4 P3 T4 d
supply.
1 V$ t8 F# L4 T% w/ O6 I! x8 l# F& m2 w F& D+ I n7 d8 ?7 _7 n
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and/ v! e- V, q$ x2 |3 A% A. ?
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
8 ^ _7 F) i& Y; ]monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the * L' ^/ @2 L1 {! w/ c0 y2 O0 P. D
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
7 k* S- m" w2 u: [' Q# s
8 z9 G6 B' l) N% y6 h7 U" wGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary1 e v z9 H: {# d
stimulus would have to be weighed carefully against domestic and global economic6 @$ T8 P- O6 E
developments.
, b7 b/ j/ a# X# y1 R6 v/ {. w* d2 y3 ~ Z; L ^5 ~& [
Information note:
( O& g" L/ K7 _* `7 m' @3 m4 }" G' Q8 xThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 D5 r L3 D9 c( U5 {, M4 W1 ^of the Bank's outlook for the economy and inflation, including risks to the projection, will be
% k1 \8 w. D+ X6 Y, O% ppublished 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！
