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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) R( S) K9 H! c! J8 E
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 z9 ]) C4 F* ]$ q! W
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
/ w) B: Z& c) Loperating band of 50 basis points for the overnight rate.
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8 j9 z! R+ ]+ t5 r: A2 L# ^, eThe global economic recovery is proceeding but is increasingly uneven across countries, with
1 w( x( s p: S& h! u; O* ]strong momentum in emerging market economies, some consolidation of the recovery in the1 j0 Q5 L. R7 v- d/ N( F# q- P
United States, Japan and other industrialized economies, and the possibility of renewed weakness
- q9 r* V( {- u. Z, E7 x0 Z- Bin Europe. The required rebalancing of global growth has not yet materialized.. L$ S8 m9 e5 N. X4 `" y, [. [; B
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal/ t! e& L7 J, u( k1 _
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the0 G, J6 h, q7 Z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" \3 f# d% o% n) O2 ]$ Z5 h# D0 Yin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* a. ], z% d8 {4 ]2 F
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 n$ I4 v( t x+ `7 U( Zspillover into Canada from events in Europe has been limited to a modest fall in commodity
* m- W* o$ v, H- r4 U; lprices 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 cent6 d) S- s6 k3 x& V% s* O3 ^. C3 T
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
6 _$ l, H" o# ^& SGoing forward, household spending is expected to decelerate to a pace more consistent with
% c/ A2 U2 ^/ r8 Z' eincome growth. The anticipated pickup in business investment will be important for a more
- ~( e; Q- ^( ?, k5 m7 I! Rbalanced recovery.) U7 F# v5 A5 D" f) l9 Q$ }8 u( Q
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
1 f& S9 i* `' Fthe combined influences of strong domestic demand, slowing wage growth, and overall excess
( s0 s5 e. z5 K% Q. K0 U9 c0 Csupply.9 |; i. G+ U% d+ A
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
( F9 v" v$ y7 J" _ M5 ito re-establish the normal functioning of the overnight market. This decision still leaves considerable
' b6 k2 O$ [# _ w+ i' b1 O" x9 emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 7 s/ h, e$ q& g& Q- ]- ^! A
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 m' u- V9 r# q& T" X0 w. a; T
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
( u d* ]4 p" k9 M8 v4 fstimulus would have to be weighed carefully against domestic and global economic
0 p1 T: T f* x% V9 K2 cdevelopments.5 ~& V7 i. q# |7 G
/ |( H% J5 _ \( G/ CInformation note:) j( |1 D' ~5 v9 }$ t, C
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 E q; W( j- b: L) v+ E! f# z
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
, }9 U$ a0 d3 L& Lpublished 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！