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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 \+ P. y9 K2 n% V1 k/ O2 H3 L
% J( x1 ? ~! U, w' nOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& `- D4 u- R* y1 e% l% C
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
3 V: N% `, F, w f5 c# eraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# h1 X' p4 w3 h- }6 `4 s0 p' {" Boperating band of 50 basis points for the overnight rate.
9 v8 v3 W5 {" r) I: b
7 s/ \1 ^0 f |& \The global economic recovery is proceeding but is increasingly uneven across countries, with( E) G6 R' @9 m! R9 w
strong momentum in emerging market economies, some consolidation of the recovery in the
l$ b- ^! { d' E: N8 lUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
4 V5 q; [- p6 v* `in Europe. The required rebalancing of global growth has not yet materialized.. i0 z# v0 s2 F0 _4 }) ~
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal. c3 N, I; u4 k* s
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; u3 s, c8 V0 a! y, Q# a! k+ M; ~variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 \/ M. V8 R+ C+ S2 `in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 C" w' [. U5 l( \important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the p! g( y' S9 g/ a1 b
spillover into Canada from events in Europe has been limited to a modest fall in commodity
5 B$ ^/ V& M0 ~ j7 v6 W- [prices and some tightening of financial conditions.; y: ?9 X& \2 y# e
! j) b' ~/ F( V% \7 kActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent) j: Y8 t: T( y4 {! M' d. K6 g
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
7 e' h4 b% v0 H! t0 m! ZGoing forward, household spending is expected to decelerate to a pace more consistent with7 F: ?0 y; W% m {
income growth. The anticipated pickup in business investment will be important for a more
, [0 f( I& T% ^5 J4 t: l: u; ibalanced recovery.7 ~" a# T: h& @1 i" Q
3 X) ^/ E3 f' k4 r6 V4 @$ x. gCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 x: B" t' G9 e/ R4 `' u% z" {4 q0 Tthe combined influences of strong domestic demand, slowing wage growth, and overall excess3 K( U# F* Y2 T5 ~) `9 t. t
supply.8 k$ M2 r1 p7 I# W4 G
9 `. m2 o+ n9 ?3 x* a: X7 BIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) q& H6 Y, E- |! o5 k: {to re-establish the normal functioning of the overnight market. This decision still leaves considerable 0 E; I( ~: R2 i8 Y+ _- f% L' K
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( O/ v+ }2 p) i0 m% A# B
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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$ h7 ^( g( G7 D, Z8 }$ }Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
! V" d0 E6 w Rstimulus would have to be weighed carefully against domestic and global economic
8 Z% v2 W$ M6 G5 [3 \/ Zdevelopments.; W, V' F8 {( N, G
, _# }3 h: Y) v& p" W% c
Information note:! s9 `5 ^: o; z+ B( P5 R: y( [
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
! ~9 z: O7 u7 t) I" |5 W7 Xof the Bank's outlook for the economy and inflation, including risks to the projection, will be
# H! G- Z1 j( g' t3 n3 Npublished 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！
