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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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! X3 a6 S* k+ B, v @OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" `0 @& ]: [4 }/ p; }
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly" k6 m- x/ N+ S, w0 p, Q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal/ M0 \' X7 S- }
operating band of 50 basis points for the overnight rate." J3 Z9 V2 V5 a6 y9 t
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The global economic recovery is proceeding but is increasingly uneven across countries, with, h. |+ q0 D' G8 X1 Y. q
strong momentum in emerging market economies, some consolidation of the recovery in the
$ x# o0 v3 l! J# hUnited States, Japan and other industrialized economies, and the possibility of renewed weakness9 f: j# @: i; H' T
in Europe. The required rebalancing of global growth has not yet materialized.
9 m# W" S4 K0 ZIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal4 B1 T; e1 q" K8 y4 R
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 D7 j9 P+ a4 Y# p
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
2 C! |6 f& X5 ?& V! t0 Oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ ?5 |' F2 j% z) k8 Simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 G' S o C/ w% H6 m- |3 ]3 Yspillover into Canada from events in Europe has been limited to a modest fall in commodity
' J6 @* ]+ z3 ]6 ^prices and some tightening of financial conditions.* {; o4 N# Z8 Z1 `! D! z, \5 ~6 Z2 }
4 [2 z: U% V1 _6 Q8 q' yActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent/ K l; n# {, r, N0 L( S' B
in the first quarter, led by housing and consumer spending. Employment growth has resumed.* K: {: B5 l' t- n
Going forward, household spending is expected to decelerate to a pace more consistent with
& E/ B/ z7 I5 V" M3 Gincome growth. The anticipated pickup in business investment will be important for a more
: L/ K! W) ~+ J5 ybalanced recovery., N9 a) D5 ^6 v$ N2 v
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
, K1 o4 e) e0 _1 ?. `the combined influences of strong domestic demand, slowing wage growth, and overall excess$ P& i+ o* ?& c* n. W) }( p4 i
supply.
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6 D* ]) X9 c9 J7 T/ H' T& Y6 OIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) R) c* i; U3 D2 y6 kto re-establish the normal functioning of the overnight market. This decision still leaves considerable ' z: }+ t6 {; c$ F$ S8 C3 ]- f2 G y
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 A+ G2 s3 c/ y: U! d( E- F
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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( N8 D8 A* r* m1 g2 h5 Q) DGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary o) M/ U- n S3 G# J8 {
stimulus would have to be weighed carefully against domestic and global economic# p, l' h1 p; [
developments.9 c3 L0 N O; E9 b2 E
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Information note:
" \( ?! r) t7 Q$ U( Z2 e& s* e7 ]The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update: ~ ]4 e7 |6 @( [; C3 Q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be) P2 L3 J) T( G* I: R. z
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！