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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" ?8 n' W+ X) Z% x8 t% Y3 y
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& O# P0 ]3 N& ~- w# p+ \
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal! e. V9 r- B. _: ^; o) u+ D
operating band of 50 basis points for the overnight rate.
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( F$ t0 v& G5 v: I# A! p; V7 rThe global economic recovery is proceeding but is increasingly uneven across countries, with
5 U4 J4 `) w- ]* G3 Qstrong momentum in emerging market economies, some consolidation of the recovery in the+ ^0 u# F! f" ~
United States, Japan and other industrialized economies, and the possibility of renewed weakness C) d( F, R+ v
in Europe. The required rebalancing of global growth has not yet materialized.
0 t2 ^% u; T# f3 B& m6 h" ]9 NIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 i _& Y$ F' w8 Ystimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 @. B9 _+ E, C% ]$ @variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" O4 {, n# t6 C- q% g/ p8 Gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an9 i* M! o. {9 ?, g+ \) r, _
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 Z+ X2 S4 M. O/ R) ~( o, `2 @8 s( Gspillover into Canada from events in Europe has been limited to a modest fall in commodity6 |* o1 \. W7 R p! `% F
prices and some tightening of financial conditions.: S) h1 M5 _/ u2 g( O1 r
2 y8 h6 l: S# e* ~1 mActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 _! k: I+ s; i1 _
in the first quarter, led by housing and consumer spending. Employment growth has resumed.6 L% \ I- l: v
Going forward, household spending is expected to decelerate to a pace more consistent with4 u5 T" i) E2 V/ J, C# g" z/ a" k" e
income growth. The anticipated pickup in business investment will be important for a more5 S. O7 U$ L; ^( F; F0 _
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
1 A% ?' J0 k+ j W' }8 `& t- Q/ qthe combined influences of strong domestic demand, slowing wage growth, and overall excess
9 m* `+ P+ E1 Z. ^$ Hsupply.6 A8 ^8 N" r/ K) Z
$ |8 [# z; Z1 DIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
* U+ Q2 ^* R( ]* [8 p$ n! Z! fto re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 t: d9 i$ S- M4 x* amonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
! i/ K! L: y9 j8 ]+ psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
' D; Z3 S7 k+ jstimulus would have to be weighed carefully against domestic and global economic) I6 V% d: H& F7 y4 t
developments., \- O& k3 J3 k* Y/ n3 n( ]9 _
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Information note:
& n- `- E: u) Q6 }! K9 X1 fThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 p8 k: _. N b8 zof the Bank's outlook for the economy and inflation, including risks to the projection, will be
2 l: R6 @' j3 Hpublished 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！