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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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0 M' d: K! v2 F! `4 e/ u1 ROTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* Y$ _. T' k; s" ?
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! v# C7 _. n# t) O& U2 G/ Q8 araised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
3 _0 A3 |) K5 Q! e# n1 coperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
- o, J3 N; h% p8 O! L- J& [/ ustrong momentum in emerging market economies, some consolidation of the recovery in the/ M) E7 }* Z, N: \2 i) J
United States, Japan and other industrialized economies, and the possibility of renewed weakness
; r# @0 O. x3 Y# L% v' ein Europe. The required rebalancing of global growth has not yet materialized.: C2 q; \! t/ W. T2 n' c
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal+ F$ M1 @: S1 j1 B4 `6 b
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
9 R t- U* v- D! ?0 Rvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 @' r5 E7 X, Q- p7 Kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 h; z2 k1 W0 @; }0 Z1 u s- l
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
* j. s; k+ B( T! Aspillover into Canada from events in Europe has been limited to a modest fall in commodity
) t& J# P3 Y* s/ Y2 |$ lprices and some tightening of financial conditions.
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8 ]' J$ V+ p" l2 {- b& J, _Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ x- E& @! M1 E; l
in the first quarter, led by housing and consumer spending. Employment growth has resumed.2 A- A" C3 `- c: y" k R
Going forward, household spending is expected to decelerate to a pace more consistent with
0 d. V! ~0 l8 yincome growth. The anticipated pickup in business investment will be important for a more/ z7 l& x$ A) C; B
balanced recovery.
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$ J- t& J _0 gCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# v' o- B! E0 q" M4 |4 a7 Q* C) hthe combined influences of strong domestic demand, slowing wage growth, and overall excess
# ~. g9 ?5 E }- zsupply.
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* }' y+ C$ Z, }- k* l+ w; ]4 ^In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and# T0 a" [$ w7 k+ c: U8 M( ?. W0 Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ' ]* Y7 [( S% z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; I+ X8 ?7 I, l% H! s7 z/ h
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., ?- w; e. D- u% u
% C, y: L) q/ M, A2 `Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
5 F- l! A5 i8 K0 b; |) Q$ zstimulus would have to be weighed carefully against domestic and global economic* L8 y7 }4 H8 P
developments.+ B! F3 f4 t" U& d
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Information note:
* Y( r/ n1 M3 O5 `; H- r7 fThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
/ p+ i- w" J1 ~: d4 }of the Bank's outlook for the economy and inflation, including risks to the projection, will be S {% k8 k% p$ j) o
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！