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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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# d0 n7 G2 ]8 U- GOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* E7 e: U/ J, N: r4 T6 G1 e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly1 M$ U+ X$ |% v7 D5 I: n5 y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
% {# o+ L4 ?9 c4 Eoperating 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( |) X4 q% B/ S/ F5 h" ?5 V H, ~
strong momentum in emerging market economies, some consolidation of the recovery in the
% `; C! e1 Q/ H+ l6 HUnited States, Japan and other industrialized economies, and the possibility of renewed weakness4 `- y: ?7 R* p `+ k# x
in Europe. The required rebalancing of global growth has not yet materialized.
, I% ~+ x4 \+ _% b1 n! }- ?In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
4 k% d% R5 G; C8 x7 [stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. Z2 n4 `" `4 F$ b8 s4 Zvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result2 d8 L+ M$ @4 m% Y) i3 n6 ]
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ h8 n9 K' c# B$ p4 v
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
$ c2 _5 y* b3 x( a5 Q& P5 R* Z: Nspillover into Canada from events in Europe has been limited to a modest fall in commodity
2 l" E5 X& h2 zprices and some tightening of financial conditions./ `4 ~8 r; `* G/ `
6 n/ c/ O5 _- D, H- C" RActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent) M& g- Z8 k5 A; v! C
in the first quarter, led by housing and consumer spending. Employment growth has resumed.+ ?# r/ L4 ?: i5 }7 `# c
Going forward, household spending is expected to decelerate to a pace more consistent with1 v- o$ w) ]# I3 e i2 N8 i& Q
income growth. The anticipated pickup in business investment will be important for a more( l4 `0 P4 y2 D& r P
balanced recovery.' W7 P# ~) ~% q, B( Z
; b% ~8 z2 B" v+ m; `6 b4 gCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
- P! E8 n/ \5 p! G4 \1 W! bthe combined influences of strong domestic demand, slowing wage growth, and overall excess
& z9 w! J, |- `3 z& i; ~# Csupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 q2 B7 ]4 N/ b( W: T5 M
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ) s/ q& L# F7 a& F& e8 ^ t. j
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 q, J9 u) }! E) P- O# `significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 S* g C3 n# [; \) s1 [0 w
5 I( O* B1 q0 r9 i7 XGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary5 |4 }( m& B+ ^0 p
stimulus would have to be weighed carefully against domestic and global economic: T% r- U. i [3 ?5 o9 e8 c+ i: J
developments.
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7 B5 S2 _0 C5 \; \Information note:
* M& l0 K/ i) s0 `7 a7 ?The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update" c0 K4 N( C d1 L# }! ~! `
of the Bank's outlook for the economy and inflation, including risks to the projection, will be: I# D; a7 g/ U# U/ v
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！