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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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7 [$ @% l7 y+ t3 S; m( v2 d( F, d: DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 W# v( |4 r' T+ t" d. \3 u
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% T, @0 B1 H6 b/ @) C" S
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! ^, [- k/ x e4 b: A. U7 poperating band of 50 basis points for the overnight rate.
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7 K! c: I9 }, n( p8 c! ^5 }, X( UThe global economic recovery is proceeding but is increasingly uneven across countries, with( F% l2 \& Q2 @' u
strong momentum in emerging market economies, some consolidation of the recovery in the
' A6 q7 z: ^) V: U2 E) V8 oUnited States, Japan and other industrialized economies, and the possibility of renewed weakness" `# K: i( p" [& y- d
in Europe. The required rebalancing of global growth has not yet materialized.) \# b0 Z$ _ l. z. D2 V1 d
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal& W4 i- X1 E7 B7 A2 _
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 J1 D% \2 A3 k! S7 _variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# o: z/ h/ C B5 c7 iin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
1 w1 V4 ^7 w$ g/ vimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( a1 S; C0 r4 a" g2 j) H/ F
spillover into Canada from events in Europe has been limited to a modest fall in commodity. P. H5 R% I2 Y/ Y# f
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; i c0 Q# o1 Fin the first quarter, led by housing and consumer spending. Employment growth has resumed.
2 D- B- b2 Y! ]* U/ M- |- l; CGoing forward, household spending is expected to decelerate to a pace more consistent with
( e9 z3 [4 ^) l+ L0 [' vincome growth. The anticipated pickup in business investment will be important for a more, P+ R' @9 z i: \
balanced recovery.: q* a, d( N5 x `% W1 h
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
3 W7 q$ k' T7 Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess0 d/ `9 w( c- d4 }2 W; @# L
supply.) k- q! D: z' r X+ g( a4 n
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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
4 }+ J* k9 k: W8 Lto re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 n* S9 J q7 Z7 k3 L- ]8 r
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
, _/ g3 D5 O x0 d# ^. _significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 b, s" r' {9 ]1 Z8 c7 [1 x
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary6 p& \; l3 x1 R% d2 z8 T
stimulus would have to be weighed carefully against domestic and global economic9 ^! S: x2 U$ W
developments.
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" X- w* `; @- y* z; G: hInformation note:
& {7 F9 R5 s2 b) h! lThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
1 k6 o9 j9 i1 g) v) a0 i: O) Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be( g2 [# U9 b5 ?7 P c7 S# n8 i0 x
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！