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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market2 t; Z8 Y. j* ]7 Y
( ]; V1 e5 \& d. ]& t: n+ @OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
7 s1 V2 C) C5 S; mrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly5 U$ L- a" j; Y s0 v6 Z& T; L. F; ~
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
2 @3 l& Q0 W3 ]* m) d; C9 Aoperating band of 50 basis points for the overnight rate.
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+ ~1 _2 `4 {# @( _$ k, D6 O HThe global economic recovery is proceeding but is increasingly uneven across countries, with
0 y6 {8 ^3 r5 g$ d* S/ Pstrong momentum in emerging market economies, some consolidation of the recovery in the
w5 V9 ~4 o; s; q0 dUnited States, Japan and other industrialized economies, and the possibility of renewed weakness5 {) z: D$ N7 c
in Europe. The required rebalancing of global growth has not yet materialized.
" h- u% X: r# r/ Z! U) VIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal" s3 e9 |8 G8 ]7 `2 K
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the; N) z% a; B" z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result5 J2 ^* |. h4 O! z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
' y# B6 c# I! K9 f) iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the" G0 \6 o7 \* `0 i: C( [/ J
spillover into Canada from events in Europe has been limited to a modest fall in commodity! ~) r7 @" J" |5 x* x2 T$ o
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 Q. M2 Q" E$ N( ^* W9 P; xin the first quarter, led by housing and consumer spending. Employment growth has resumed.
2 c; p4 r$ C8 k$ K; [+ x+ ~* mGoing forward, household spending is expected to decelerate to a pace more consistent with* P) o8 c; r5 f5 C
income growth. The anticipated pickup in business investment will be important for a more; g# h6 w3 W5 D$ n% `% u
balanced recovery.
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, c% v$ b8 }; X' M+ RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
* A5 W( U( T5 u# Y2 y- j* xthe combined influences of strong domestic demand, slowing wage growth, and overall excess$ s1 v7 g+ L2 a9 _; G
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 and7 C; E" m% Y' _9 Y- w
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
# {3 {& a0 P; E" Qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the * u: U, o- v% @% ]" \$ i% v
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
1 k8 B/ Y. B& i& v4 u; V' {: h% R# X) l- S) |, W$ D4 ^! I
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary9 ] Y0 h4 ~ |. e& I1 i
stimulus would have to be weighed carefully against domestic and global economic# [! v) m4 a* s0 i% v8 u
developments.# Y" b: l; c$ u5 C; P5 Z9 W/ N. r
+ l8 x2 Q) ]! @) mInformation note:- Y- ?) u6 }" D/ o& ?: ?
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
* A+ l. P: `) N" o( E) |of the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 s* j3 I' N& i) d7 D/ \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！