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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market2 n& e2 b( x2 v: `' z
0 s. Q; w6 ?6 uOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* r% r8 O* u, m& B$ z6 A
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly1 V; ~) d+ b* U$ M3 O, E
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! @9 N. r$ J8 H G8 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$ j0 R# V/ I( E* y1 U: n
strong momentum in emerging market economies, some consolidation of the recovery in the- o, V% `/ {. |4 i& D
United States, Japan and other industrialized economies, and the possibility of renewed weakness' q% U, d" y' y' n2 A' c6 B' b
in Europe. The required rebalancing of global growth has not yet materialized.
2 P; S X! U0 E# S4 A' AIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal9 d/ A4 |# D) d# z
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 X( ?% s) Y1 v/ M
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
2 p, u) _* p: Y4 R4 N4 H- |in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
# F% d* D2 a& L$ ]! Himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
: x% L! t& W; Aspillover into Canada from events in Europe has been limited to a modest fall in commodity8 m K, F( g9 h1 j
prices and some tightening of financial conditions.- }* j! l+ M; J0 x/ h; d+ P
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent z+ s5 h+ w! B/ Y% {
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ T' w' q, v% z, [Going forward, household spending is expected to decelerate to a pace more consistent with" J' H% y4 ]6 b) h e# G
income growth. The anticipated pickup in business investment will be important for a more
( ~4 n( z& w8 U: @7 Q" jbalanced recovery.
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" @0 J$ m, l y) |, c( jCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
% A# }1 `+ S, F5 X" Athe combined influences of strong domestic demand, slowing wage growth, and overall excess6 q% V3 P+ x2 C* p8 H
supply.
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8 i# f) a5 K& _# _8 a5 wIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and9 ]7 n$ {2 h5 N8 K) |
to re-establish the normal functioning of the overnight market. This decision still leaves considerable # w! B j6 U5 A7 C; R4 G% D
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& z/ q7 I6 w( [* i1 s( jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& b5 g& g/ n; K" W
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary, s k8 B# I5 ]3 s0 I% {; J
stimulus would have to be weighed carefully against domestic and global economic
5 d" Q& R. P; A/ e3 C% {& _- jdevelopments.4 G4 ~; k% s# E' s9 d
* k3 B, h9 N4 [: zInformation note:- f+ |4 _# J* h8 [0 R' S
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
; U/ ^8 y4 k4 }0 o; |of the Bank's outlook for the economy and inflation, including risks to the projection, will be: d, y) @+ g9 F+ I4 g( e/ p
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！