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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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- T' K% S, W7 G- k& o. i. O; d5 cOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" r$ F4 t3 D5 f+ Z" u) ~3 t
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 l3 _0 U. @/ K3 H: s. Z1 }9 uraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal, g$ ~9 M+ n& j% [4 i) F6 @
operating band of 50 basis points for the overnight rate.. ~) P, b7 S, I8 A3 {9 n0 m
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The global economic recovery is proceeding but is increasingly uneven across countries, with
; ^) i% j: V6 g) C6 ystrong momentum in emerging market economies, some consolidation of the recovery in the) m, k: u8 r R
United States, Japan and other industrialized economies, and the possibility of renewed weakness
1 n3 a9 a$ X( v' V3 Zin Europe. The required rebalancing of global growth has not yet materialized.% e$ g4 M" B) \- D" Q1 g% t+ R$ t
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! X3 P: l/ {' \; N8 l
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% ~- W; _% `+ W4 U' M
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: ]& y6 a9 q/ {+ h( ?9 z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; v, E5 I; |$ Z
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 a/ }, W/ S& h r
spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ ^8 N1 w7 Y- K4 _prices and some tightening of financial conditions.
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! n. \/ l! Y* B/ r, BActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: o2 ?7 e6 V6 n* nin the first quarter, led by housing and consumer spending. Employment growth has resumed.
" Z# d3 g, i uGoing forward, household spending is expected to decelerate to a pace more consistent with
# O! o0 o& X3 S7 I) V; lincome growth. The anticipated pickup in business investment will be important for a more2 G' b+ B% a5 r3 z
balanced recovery.! I2 u+ F, Y# F0 T; K
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ v+ \* \3 z K( ?the combined influences of strong domestic demand, slowing wage growth, and overall excess- s2 V1 X2 F S1 Z/ p$ y
supply.1 N! Q: H6 k" I9 q
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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% W! i$ A+ N0 O1 r
to re-establish the normal functioning of the overnight market. This decision still leaves considerable # E7 R$ d( U) u1 {' `9 ~$ O' ?1 n& f6 D! `
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 8 \2 C: h8 Z& [% i
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.4 c' u2 X1 H5 E Z. B5 d! {, D
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary8 E) j# a* q. Q7 T' T
stimulus would have to be weighed carefully against domestic and global economic4 E0 p' l. c7 Y) ~! b" Z4 ]" z
developments.
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; {$ c8 ]- u `) V( g. J( GInformation note:" q; A! P( n+ ~
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update0 t* H3 z, k; b8 X
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. t' A! Z3 T5 s$ {. J9 `+ ^( g* fpublished 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！