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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- b; D7 H) F: h! c$ J
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ ~, L. |" s) |7 Wrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
' `) z) a$ y! X* a' y( Z0 |raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 ~. X& }% W' t1 [' W
operating band of 50 basis points for the overnight rate.- H9 s( B7 \4 C) A! o: N
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The global economic recovery is proceeding but is increasingly uneven across countries, with
1 ~$ A3 L9 b) M, J+ xstrong momentum in emerging market economies, some consolidation of the recovery in the3 W8 E" n- O; h' }3 X& W- Z
United States, Japan and other industrialized economies, and the possibility of renewed weakness' o$ v5 s8 J/ i3 D4 p* g
in Europe. The required rebalancing of global growth has not yet materialized.
0 s$ K2 Z1 s. D3 ^+ S% O$ l3 s+ F0 iIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 e& [$ S9 i+ @0 r+ K2 a
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ O: }# z E O' h* \variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 V6 n% n r% C* p+ @) ?in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( L2 x4 |) E6 K/ ^ }& w+ ^! oimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the# f% I' N1 p1 d9 r
spillover into Canada from events in Europe has been limited to a modest fall in commodity
+ `0 [7 |5 {3 \% |% L3 Aprices and some tightening of financial conditions.+ R: `% R1 k* e. C
) |' D: Y* L/ k7 VActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent: Y }6 ?9 Z/ l& M. A
in the first quarter, led by housing and consumer spending. Employment growth has resumed.1 r" n4 ]' w- ]; X: F; Y
Going forward, household spending is expected to decelerate to a pace more consistent with) s$ b6 b+ G* f; Z" n6 f& w
income growth. The anticipated pickup in business investment will be important for a more/ [: v- K) |2 Z8 F/ e3 E
balanced recovery.1 x% i" g+ w' u, @
" f% ]/ g9 c$ X- bCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects; Z# E1 `. t" C/ |
the combined influences of strong domestic demand, slowing wage growth, and overall excess
) R% b" w2 J$ |7 {/ s2 B! @7 ]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 and
: k2 r. E( X5 e: Y) n/ O) @5 e" _to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ d* e+ z( Q+ e7 pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
' R8 q/ F; I8 r" vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* A, u3 I* h! z
; @1 ^7 p2 }3 e* Z: `2 iGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
: e" N- {* a4 A0 w+ ystimulus would have to be weighed carefully against domestic and global economic
% M2 I$ z. [- r- _7 N2 adevelopments.- W- a& u! o, y0 G5 j
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Information note:
3 ^, u% v, l* S% PThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
7 _! y3 l/ I6 V7 {: H1 Mof the Bank's outlook for the economy and inflation, including risks to the projection, will be! U% Q; ^5 ?7 P( R
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！