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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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- m6 k7 g4 ~! L0 F: BOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
9 N n0 j' \5 X) Z1 vrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
% }0 t. }9 v; W1 C+ ]# F/ v: Vraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal. S* V& @+ ], E. j2 M" M
operating band of 50 basis points for the overnight rate.
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* c! }1 |7 p. b0 V) ^The global economic recovery is proceeding but is increasingly uneven across countries, with
% f9 f; s' C" o" a" `, j2 m$ ustrong momentum in emerging market economies, some consolidation of the recovery in the
, L+ }5 a2 k3 u! g4 A2 zUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
) y$ k; u( o7 _* |2 C( X6 a# }in Europe. The required rebalancing of global growth has not yet materialized. U1 T _1 w5 J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal* n/ S( r# v- T: h2 n0 F
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the$ P5 y( ]0 ~- Y- C+ b+ W
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. H0 z* n. U$ \8 R3 N9 r# T, X7 Jin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 s8 A! n( i# X3 ^( `
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 Z7 H m( A8 `# @4 m) Dspillover into Canada from events in Europe has been limited to a modest fall in commodity7 L) e2 b& _. P; [, `# C+ S
prices and some tightening of financial conditions.
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3 c3 @2 ?$ Z0 ^5 VActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
! }4 A, O+ f( \' ~in the first quarter, led by housing and consumer spending. Employment growth has resumed.
. b0 o# ?# x* r- i- P' }, n: DGoing forward, household spending is expected to decelerate to a pace more consistent with/ F" c4 u& h! \0 f$ D7 v
income growth. The anticipated pickup in business investment will be important for a more6 d+ n3 S: r2 F$ f& [1 {
balanced recovery.+ ]& [6 ^$ }" s3 U" R8 K/ N- V, O
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects3 @. p( y) U6 i5 \, W. j$ }
the combined influences of strong domestic demand, slowing wage growth, and overall excess: I! Y% o* k6 ^ G
supply.* m+ i$ Z' v: I& R( d* Y: f
( B2 x, M! R2 N$ z( O" @8 K* \In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and& B1 i# B8 q- L% O2 Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
. `& b% ]3 f4 j7 }monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
( m9 U6 `( w4 ]' g$ Y) jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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! \: O& w8 A5 y! {Given the considerable uncertainty surrounding the outlook, any further reduction of monetary! J z5 l% B5 n! F3 x0 k1 O* T
stimulus would have to be weighed carefully against domestic and global economic7 f8 p# U/ T2 I( D
developments.+ b$ v; ]/ `' Y! A0 M$ ]
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Information note:, y$ G3 b' w) N- D, l
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# G, Y0 n: w- Q6 T6 Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be
5 E, G* S# O$ ~+ ~( ypublished 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！