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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/ J* A1 ?* {- h% i% x1 `" v# F
. M6 e% U3 e! }OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
. Z' Y- A- {+ z+ _7 n: @, arate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
+ F/ B! l I+ T% F2 G3 Kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
+ T7 a3 T" m4 g/ l [9 ]operating band of 50 basis points for the overnight rate.7 G. t/ W" B B( k" a* h3 m) s3 e
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The global economic recovery is proceeding but is increasingly uneven across countries, with
" M& O/ q3 b- ]strong momentum in emerging market economies, some consolidation of the recovery in the
5 J a- b# d8 }1 t0 qUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
6 x9 I) t# Z& u) din Europe. The required rebalancing of global growth has not yet materialized.) k) `' I9 K6 U; h" L" U
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 C, |. G' R6 l) S0 `stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 F6 z4 q1 [0 }8 X; N3 T) X1 d0 v6 m8 e
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result2 E) q" o6 _& M2 }
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
7 h" K/ H2 o8 d" gimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- a2 ~: e$ g: G* jspillover into Canada from events in Europe has been limited to a modest fall in commodity, l) d. m% K! T7 e* H5 y4 I9 P+ M
prices and some tightening of financial conditions.
- a0 X, y& N. N. C) d% e* y7 r
% Y* C+ T: q3 U7 Z4 h7 m1 lActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent) ^8 G, w% F Z2 J
in the first quarter, led by housing and consumer spending. Employment growth has resumed.9 @2 g- k: x3 L& w$ x4 `! w. H7 @
Going forward, household spending is expected to decelerate to a pace more consistent with
# O( q2 V T, }. E- `0 xincome growth. The anticipated pickup in business investment will be important for a more
+ Q. ]4 s/ q8 {; g* Gbalanced recovery.! n$ T2 q0 \: Q6 R
3 E, X4 G7 i" g( q" YCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 O G- ]% p% B% j& }( V- _
the combined influences of strong domestic demand, slowing wage growth, and overall excess5 p3 P' j! V# I4 [3 q. _8 j
supply. ~ n0 E+ S. _1 G, z% @* b0 T
/ B# {/ n, }$ U' l" G3 Y5 Z1 eIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
. N" o6 G6 s7 Y3 _3 V8 }! dto re-establish the normal functioning of the overnight market. This decision still leaves considerable 4 K. N2 @4 ^( N. w3 f0 v* x
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the & Q& T4 c- Y$ f* z1 d& U/ O. |, R
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery./ x/ F% k+ J% v+ _% Q
; V8 X7 o; j$ ]. }# K( \6 ~Given the considerable uncertainty surrounding the outlook, any further reduction of monetary) Z6 U9 [& L9 R K4 B
stimulus would have to be weighed carefully against domestic and global economic3 Z4 n. g9 j: s s u
developments.7 K* _6 o8 A" p& P' p' _ ] L: L
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Information note:: F& _$ o9 t- {! |0 z5 g$ D( ?
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& o- d. R. a+ b) r5 T
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 H& O- I+ E3 \% 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！