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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 ?* o( B1 y( j' ~
5 _2 ^9 l: ]7 E0 q, G1 B, lOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
1 g& C0 t2 d; J6 {# J7 Krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
w9 R+ Y8 W9 N( w+ eraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
5 j2 d9 m4 K# Foperating band of 50 basis points for the overnight rate.6 Q) \/ w7 |2 ^5 r1 G; H
9 S- N- l$ ^9 s" X( E
The global economic recovery is proceeding but is increasingly uneven across countries, with
4 a9 ?0 H: a& M" h9 R- p2 K- h- ?strong momentum in emerging market economies, some consolidation of the recovery in the
1 o. a# R$ V$ Q! w0 mUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
' c! ?$ M4 ^7 y3 Z+ z p8 zin Europe. The required rebalancing of global growth has not yet materialized.
. X" o; ]* X& i: t4 }In most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 H. ^9 J! _ h
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 D- h4 C; N hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result& h3 i" l& h- }3 p8 u( F! D* p
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% s" w0 `7 Q, Cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
: j- R [3 E$ t$ i+ }spillover into Canada from events in Europe has been limited to a modest fall in commodity% R1 f5 g% q" |9 t8 }- e% K+ b
prices and some tightening of financial conditions./ g# u, n/ F+ B! M1 X
; R$ ~+ O: [/ S. h- _Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* V y5 Z0 P1 ]5 \- y; I% w) `in the first quarter, led by housing and consumer spending. Employment growth has resumed.0 |$ X; e8 Q% O$ d" ~9 |: |
Going forward, household spending is expected to decelerate to a pace more consistent with
) a9 h2 O3 _0 o- l" k/ `0 Fincome growth. The anticipated pickup in business investment will be important for a more
2 x* B. @. z/ [# g& ebalanced recovery.
8 ]" w- ~9 ^6 G8 M( Y5 f1 t' R( h! z% p, Y3 I# t) L
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! ? M& f, k. w3 {; J0 h, G5 l
the combined influences of strong domestic demand, slowing wage growth, and overall excess
$ z5 t# }. v6 a$ T8 i2 @8 M+ Dsupply.9 y5 I8 H: m) c- r3 |# W3 g# x
+ h. J6 H1 L: |; n5 ^In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! z5 O# C3 {, [- Z5 ~
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
( v" R3 ~( v+ V7 c4 h: [monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the , W. M0 p( ^8 ^$ `- U/ t" b
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.9 g, ]7 ]( `8 { H! m2 ]# e
/ R2 x) I2 {7 B9 hGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
P$ w4 R# e2 l" I2 D& Sstimulus would have to be weighed carefully against domestic and global economic5 p5 F7 H% e6 N$ @. d% k0 M. V& A
developments.9 S B$ g! k! v S6 ~5 L" D2 w7 ^( s
! O) x4 b$ S) t# \4 @& {Information note:
& q5 f, I2 [' r7 g6 J; M. {% SThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update ]& U" s. s6 w$ j0 @4 P3 X$ A2 g% s X
of the Bank's outlook for the economy and inflation, including risks to the projection, will be7 x4 z4 `* B- w; P
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！