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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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u, f2 u( }3 n* ^' B9 YOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 W3 \2 o1 v# L. E6 m( z. ^' B
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 T6 e. J! i5 `% m- \5 Y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
) A% d3 p* M7 j! g l7 w1 n }; s0 Goperating band of 50 basis points for the overnight rate.' U9 e U J+ K. f$ }) f
1 L4 m& |* S+ e
The global economic recovery is proceeding but is increasingly uneven across countries, with7 X: _2 B# @9 L
strong momentum in emerging market economies, some consolidation of the recovery in the) l4 }/ p: ?7 |
United States, Japan and other industrialized economies, and the possibility of renewed weakness
5 l& g+ u& p5 @" i& e; ^. c4 Q1 Yin Europe. The required rebalancing of global growth has not yet materialized.! V, V; [ |' ]" b2 s% n5 M
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal4 Q: L/ t" A L2 E+ `0 R1 W
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" Y( ^; H7 ?) w) l% L' M
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ U9 \ @2 D5 F
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
3 Q/ C) h' L$ q% j- \important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 x& Y9 t. W' @
spillover into Canada from events in Europe has been limited to a modest fall in commodity3 ~: `+ S7 o+ E# q) z5 ~
prices and some tightening of financial conditions.( z( D4 [" E' T6 G1 f# O
% d; |" j. F+ I- a& @( zActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent- m/ K- L; Z Q# d, ^
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
: H# `5 I6 T7 z' Z8 fGoing forward, household spending is expected to decelerate to a pace more consistent with
9 s( ~) Q& ~/ [# I0 p aincome growth. The anticipated pickup in business investment will be important for a more
! T V3 V8 S& c3 `: P& b2 e' ubalanced recovery.7 ~8 m* p0 g, H2 f# B
& C7 p; A& m$ [: r" U+ z1 fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 s! M t( l( t# W6 a% Bthe combined influences of strong domestic demand, slowing wage growth, and overall excess
: ]- B D6 I+ K* Hsupply., t# j( A$ y8 `" [/ |6 G. Y- u" y
0 m. G8 w" ]8 k% [
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and: ~, ]3 h" t6 M- x! g7 Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 C: w+ d& E3 pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
2 J7 I$ a0 _. Z rsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery./ X# B+ }6 U x0 G' ^' K0 ]' }
Q+ A" C. w) u. `; w9 U* {* LGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
) @% U* d7 Z5 A! q2 s- _stimulus would have to be weighed carefully against domestic and global economic* R4 j' K+ s0 c1 W+ d
developments.9 v) u R3 k- z$ `. E5 t! F
. w) x0 {7 N) G- V& _Information note:
: }, J( X* T9 G3 F& Y+ U. CThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update' A: j3 a, w x4 @
of the Bank's outlook for the economy and inflation, including risks to the projection, will be [. M- L; Q0 C& T
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！