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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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/ R6 [' V/ p/ B8 C& e, \+ }% POTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
8 K0 X" b z! `4 R3 Yrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) J2 q2 h) M; z9 O8 U- a
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal5 E9 g6 H# ~; Q& X2 ?: X$ r
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
1 ~* J6 s. ^( L1 j! cstrong momentum in emerging market economies, some consolidation of the recovery in the2 `0 |% {$ E0 N! J# a
United States, Japan and other industrialized economies, and the possibility of renewed weakness
( d# r7 U! R1 e9 S7 cin Europe. The required rebalancing of global growth has not yet materialized.
2 H9 T2 V! E2 Z5 W8 nIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal* F5 o$ z5 z, ~' @6 G, y1 J; `, w
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
" }: x8 ]3 _. a; A" A+ G6 cvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, R% s" h, W, k b
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
6 h0 Z! X( E7 n- @% Limportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 C8 C4 ]' a8 C+ R4 W) z
spillover into Canada from events in Europe has been limited to a modest fall in commodity
3 H# S* c$ x0 I" @) u8 `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 cent0 p5 h0 R& Q+ t9 p; n' a t
in the first quarter, led by housing and consumer spending. Employment growth has resumed.. Z2 j4 e& N. M! R7 v
Going forward, household spending is expected to decelerate to a pace more consistent with/ u; d& R# _/ ^: Z+ {/ v0 {
income growth. The anticipated pickup in business investment will be important for a more
. A$ V* U. B2 s( f$ Mbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 O' h$ g6 v$ o/ q4 Mthe combined influences of strong domestic demand, slowing wage growth, and overall excess
7 ~0 V6 ^6 B( |5 A7 Tsupply.3 b/ G" I! V- [% Q: C7 J
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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, q o' I* d5 O2 j# h! }8 p, X0 ]
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
t4 z2 ^ ~& o$ U. b4 t3 \; X5 F' Z; R% nmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
B( H0 v3 l5 Z, @8 v+ Dsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.9 U8 j5 y4 r4 {- X& C
6 p; M, A* ^4 ]: W8 O0 P# [) L- FGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary2 ^8 H* I: z) ^
stimulus would have to be weighed carefully against domestic and global economic
" ^# m; K3 d8 r2 tdevelopments.
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$ z: P+ j/ a& N& l$ qInformation note:! u8 g" _6 ?! q7 r+ `8 ?
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% Z. w, p) W9 x2 Xof the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 e/ j" ] H( r7 hpublished 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！