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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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5 y3 K8 m4 I' U; L# ^OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) U6 e4 \, _/ }9 ^
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
6 J: M* g3 P1 T8 i! Yraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! C( p0 _& q* `$ W( q. Yoperating 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
* e# e: u" x5 F2 q" Tstrong momentum in emerging market economies, some consolidation of the recovery in the, x& a; P2 j* `. D
United States, Japan and other industrialized economies, and the possibility of renewed weakness) U* }/ i& ~9 K- Z z: T
in Europe. The required rebalancing of global growth has not yet materialized.
. G2 j( W, q Z$ f/ B4 e' b+ W5 sIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 H) y7 S) R" w& V2 |; R7 astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% |" }9 u5 q: r; G6 Y4 s
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
/ |$ I" }5 P7 f! ^/ ]" Hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ ^+ X `" A7 K+ p* z2 i- k& r* I
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 u- g# ]2 |8 Y' @+ I2 Ispillover into Canada from events in Europe has been limited to a modest fall in commodity
1 K0 y" T1 N$ R; }5 ~prices and some tightening of financial conditions.( A' e5 I' w+ E1 }6 O
0 P# Q; X3 `5 q5 _! P% _8 IActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
- b! C3 ?6 }, B0 s9 h' F7 oin the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ S7 k# s, `0 m* uGoing forward, household spending is expected to decelerate to a pace more consistent with( Y) @0 n+ i& i' N- e2 X8 ]
income growth. The anticipated pickup in business investment will be important for a more4 F2 h, Q' n* N& O
balanced recovery.$ O; e1 W7 E1 y- [# u2 A
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- J5 ~& n( \+ \7 j) j2 y0 S
the combined influences of strong domestic demand, slowing wage growth, and overall excess7 f# b2 W( k5 H. y* I# n
supply.5 O7 |: g: r r2 V/ o6 v3 B% W
1 k- H' n) D; O' } `In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and Z- A% r$ Z$ W3 [# O8 Z G
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 c$ i# x$ _3 B; qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the . p; D, A+ |# r2 h$ \3 k
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) V6 h- I" d. x% @9 f
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
- T2 K9 K. F5 i3 z2 T9 @" G) A/ Dstimulus would have to be weighed carefully against domestic and global economic5 O$ N; i2 T7 _; ]/ z b
developments.
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Information note:, K8 @9 s" a: Z- f
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
" o0 p0 a. p) N. V9 Fof the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 D7 i% G, r5 J7 Rpublished 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！
