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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market7 A! G; `/ y1 ?% C
/ a7 n. k) P6 x- n; Z1 i$ JOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
- w0 E1 |+ `9 z) ^5 Xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 F# c n% L' [( P" N8 Zraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal1 l: [" L1 u2 V- I$ J
operating 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( g3 C- A9 Z( F$ Y
strong momentum in emerging market economies, some consolidation of the recovery in the# C) Y, W6 g1 R; c9 F J+ |
United States, Japan and other industrialized economies, and the possibility of renewed weakness+ S+ a( v' ~6 N, m
in Europe. The required rebalancing of global growth has not yet materialized.3 t0 t' _: ~- I- p: | n7 ^
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal* n% G) e) i" p3 j6 z# _
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
( n, V/ y+ f* M: Q d1 \% O- yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result) m/ S/ H2 a! \4 z- j$ E7 Z6 o
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 X6 y5 G9 f5 q% k- O# O9 B1 Q' wimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
$ Y6 k" ]/ D. r9 ?3 cspillover into Canada from events in Europe has been limited to a modest fall in commodity
% f! Q2 ?3 l" r' |prices and some tightening of financial conditions.9 {, a# ?, z! [1 X
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ W1 N! `$ V+ \, N
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& _/ T$ r9 m' `! G! D9 TGoing forward, household spending is expected to decelerate to a pace more consistent with
0 t2 `' k0 S! |2 f1 Pincome growth. The anticipated pickup in business investment will be important for a more) D, {; l0 Y O- {; Y. p7 ~' |
balanced recovery.
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' ~- X, D" d _CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects, @4 n, A. q: i" l5 l
the combined influences of strong domestic demand, slowing wage growth, and overall excess8 I+ l; N1 ~+ \% _9 K, v
supply.
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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
$ a; P$ p! c# V, sto re-establish the normal functioning of the overnight market. This decision still leaves considerable
% z5 \/ S2 C2 C6 Z) U! ^* lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 e0 C9 {1 c& |. D2 j$ i; F& A
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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3 K) D- Z! D3 v" R0 e& D- x- yGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary: s' F/ P y" o+ s- w* ~: W B! a
stimulus would have to be weighed carefully against domestic and global economic5 X8 X' w4 h% M+ K' L& U7 n4 C
developments.
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/ }/ r% i" Z! H, e) b: aInformation note:
! V0 r) X# j8 Q) i, x. d9 pThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 G0 ?$ N: a8 c
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
/ ^1 ]: q# f' U8 y' N9 n9 ^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！