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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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9 B8 C* _. j1 B DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight: o* x; q( P* j) I5 H8 g0 J
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 S+ `* D5 y. s+ ~2 l% R( Eraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
' m. I* t( Q; o) aoperating band of 50 basis points for the overnight rate., E; D! H$ `" y9 ` \
/ B0 ]- g* |- i* C) [The global economic recovery is proceeding but is increasingly uneven across countries, with
' M. X* s, T5 X( Zstrong momentum in emerging market economies, some consolidation of the recovery in the/ z* V( }# ~" [, [
United States, Japan and other industrialized economies, and the possibility of renewed weakness
2 ^3 X* t' ^' l" ]9 q6 g5 ]in Europe. The required rebalancing of global growth has not yet materialized.
3 p; O& Q* ^( ^" ] [In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- V# h s& q* f% Nstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ G) L7 @7 W/ y$ Pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ ~2 ^# t4 @0 p/ j
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an r0 C% X' D. V' ]# T* f
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the* B) b! e/ E9 H9 z
spillover into Canada from events in Europe has been limited to a modest fall in commodity
, z* J+ t. d5 w3 i6 O* Rprices and some tightening of financial conditions.( O% P# b' I' r! v1 P
8 ~/ |" C! F7 i$ S: h( pActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
' P6 ?" o! H2 e4 C1 w4 f8 C9 nin the first quarter, led by housing and consumer spending. Employment growth has resumed.% P# V" y9 S" p7 H# l" h+ F) O
Going forward, household spending is expected to decelerate to a pace more consistent with
, a; X k4 ?; Y% p/ z% T4 mincome growth. The anticipated pickup in business investment will be important for a more
3 Y3 i! E6 e; q" b$ |1 ^& Lbalanced recovery.# a- C' Y+ q" |/ f- [! e
- u: s7 a, x9 S* CCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
3 ~# U( V5 E+ y+ Z% h' N9 U" }the combined influences of strong domestic demand, slowing wage growth, and overall excess3 c8 v* b3 g2 ^: G2 K5 i* _) C
supply.+ `0 O! [. z: t2 g( N+ j# t8 f! a
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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
; |5 Q7 Q1 ~5 }2 O3 Vto re-establish the normal functioning of the overnight market. This decision still leaves considerable
( M" K$ r6 k% hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the . l" |" k5 f+ L: W& S( g
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.( I' e% o, M6 A, H l$ M
) J2 ^5 J3 @6 g2 `6 BGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
$ b& s; \0 Z" |stimulus would have to be weighed carefully against domestic and global economic
2 I* C+ \2 c9 O: f5 @developments.
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Information note:1 ?0 u4 ^" V, N0 R! e
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 w9 n9 v" U1 ]1 p4 Z( ~+ A: }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be% E+ @: ?3 t4 O
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！