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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* }4 M* ~7 d/ a
% G" N) U7 z0 j% h! f% j( iOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
. ^/ b* z+ g/ \" h& A, g* d$ H* |rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, S: u7 e0 B" craised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal( v3 a7 b* m8 q% I
operating band of 50 basis points for the overnight rate.- v$ `2 b3 N4 g0 q0 y
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The global economic recovery is proceeding but is increasingly uneven across countries, with
0 G5 B$ I. r$ Wstrong momentum in emerging market economies, some consolidation of the recovery in the
- T" ~- H: z. w$ Y. y8 bUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
$ N+ V! h% f% e. C( A% win Europe. The required rebalancing of global growth has not yet materialized.
$ o8 s7 e; `: P, j! NIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal. }9 H" e% G& P. \& z6 o; C
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the* `/ N& T3 q s+ O; v1 V' W" G
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
E+ c6 m( D+ c" Y {in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 b! ^0 R2 v* p* M4 w: iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 F2 \. s! U' Y1 o( H6 pspillover into Canada from events in Europe has been limited to a modest fall in commodity# C d9 n( Z- I% d: L
prices 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 cent9 Q W+ U z( X0 T3 l
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
2 m6 N0 x" s. ] l2 RGoing forward, household spending is expected to decelerate to a pace more consistent with; g+ d9 W3 l3 u% }& M/ \/ Q" w
income growth. The anticipated pickup in business investment will be important for a more
, O4 S( X; Y1 {& v) D* Y) Ebalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 W3 k' \7 m4 `: `5 Tthe combined influences of strong domestic demand, slowing wage growth, and overall excess
1 p, S) u' A5 J2 E+ V3 s3 S+ Q4 vsupply.
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' `3 |4 a! \) X2 d: [' h qIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
6 a+ x/ C6 L; J5 I/ t% x0 Lto re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 ?4 i2 c3 B( J$ X1 V
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
$ g3 s3 h8 W5 q8 S, M! d! Psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) h+ q5 Q+ ?' K3 |+ H1 `$ T9 u/ D
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
6 b, u% P' R+ p" F( q- r6 N+ hstimulus would have to be weighed carefully against domestic and global economic5 D' u7 L; l5 M% d3 y1 |8 E
developments.
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Information note:9 Q, I+ S4 D3 J. ?
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ y: n. \) D1 ^! S1 k5 H. c
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
& z: X& {1 o. Tpublished 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！
