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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# h* @9 V- g' F* f' E) W
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 \0 N0 w' y, j( \+ j- _
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 H: w+ y- k. [: s6 draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal$ r v( t6 `- `' b5 Q) I
operating band of 50 basis points for the overnight rate.
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0 z6 k% m$ j, _7 e5 ~, }9 C- i: kThe global economic recovery is proceeding but is increasingly uneven across countries, with
. F$ C/ @7 _6 T7 Fstrong momentum in emerging market economies, some consolidation of the recovery in the z. O5 X$ j" B9 }- \/ e) _) X+ d
United States, Japan and other industrialized economies, and the possibility of renewed weakness% M' l7 D% z/ N* M" \
in Europe. The required rebalancing of global growth has not yet materialized.
9 X3 A3 [1 z6 CIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal# \+ x/ Z7 O0 b: j+ T& H
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
% ]/ N; h7 p" I3 `variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
; ` K# _8 \8 G; Q( `3 ]in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- c! A* x* F/ I5 ]1 x
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 J) j! Y( O! R2 ]: S/ nspillover into Canada from events in Europe has been limited to a modest fall in commodity
+ \% [7 D2 i. S4 g" Uprices and some tightening of financial conditions.
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' B4 o+ y! ^- f0 [# I7 }# UActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
$ s# R/ e" F. z& Gin the first quarter, led by housing and consumer spending. Employment growth has resumed.
p$ W4 p' I; O. v) u1 WGoing forward, household spending is expected to decelerate to a pace more consistent with
* U/ n# C. C- B& ~1 @, V: o) Qincome growth. The anticipated pickup in business investment will be important for a more
! l/ S" J& e8 {4 [0 }7 F$ y* fbalanced recovery.
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& [) u6 }& h6 u1 \$ aCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ m# r( e$ n" @8 Bthe combined influences of strong domestic demand, slowing wage growth, and overall excess
% \) b6 m% z- R, h$ t w9 csupply.
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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
2 P; L8 a9 w7 ?to re-establish the normal functioning of the overnight market. This decision still leaves considerable ) k* r1 H! U" M. k+ _1 {" F9 I
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
+ V3 k6 G- s% Ysignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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; [, j5 |$ }/ q: j' C: _9 hGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
" o `& {% G2 e% V( Nstimulus would have to be weighed carefully against domestic and global economic
! k6 G: Y, \3 `developments.5 n. V, |' B( R" |& `
: {, R" q l- g- n% ZInformation note:" y7 `0 H' Q# S
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
4 ]' q K! a7 lof the Bank's outlook for the economy and inflation, including risks to the projection, will be
- v+ d) K/ B9 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！
