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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( o5 U3 C: \+ q% U. G. E, W
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% x5 l# F# T* m4 C* M6 u. ^
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 J1 P. ~" M. l
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 L4 t$ y6 j6 A) ]2 l4 }
operating band of 50 basis points for the overnight rate.+ F3 Q1 q6 z# q! F9 O7 Z; u
7 F+ v5 u a' V# M- fThe global economic recovery is proceeding but is increasingly uneven across countries, with/ J% m v% {6 J s
strong momentum in emerging market economies, some consolidation of the recovery in the: e e; m( d8 ^1 p3 \8 d& ]$ H. Y: M
United States, Japan and other industrialized economies, and the possibility of renewed weakness( E3 j5 j' |# Q2 b
in Europe. The required rebalancing of global growth has not yet materialized.
h+ t$ U+ K4 oIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
% o: ^8 t; X5 ]5 lstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the4 M0 l6 x8 g3 t
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result% q& T& C1 n- @2 i# [
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
" E: U. q& [$ P) ^% T$ E' P0 qimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) k0 w) _0 C6 @2 Gspillover into Canada from events in Europe has been limited to a modest fall in commodity
' |# \9 {2 E a8 C8 j) L. Z" K$ Sprices 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 cent
* a; d, j/ k& b* k$ n) n, ~, Fin the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ O: P- P. w- z; i8 r# ^# uGoing forward, household spending is expected to decelerate to a pace more consistent with
5 v+ l2 Z4 G* X7 Yincome growth. The anticipated pickup in business investment will be important for a more" O1 j; \% |; t3 R) i% g6 n
balanced recovery.) ^/ }" z( m$ a& ], |
& k8 V5 p$ }7 E3 R: A1 |1 CCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# M4 ~# k% H8 j
the combined influences of strong domestic demand, slowing wage growth, and overall excess
1 V# c: \& Y3 c- o: f5 x. ^( Dsupply., k! c1 ~9 q/ S# M. [5 I
$ @( E; H" ~( u) l. yIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
5 p3 M' _2 Q# X V% I% A9 Q0 |to re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 R1 V+ S, {7 ^3 |3 {3 t. q. n( Vmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 1 l j) s9 s1 ]0 s7 {
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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* D/ M3 _& t$ t: P0 O' xGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 Q8 n x7 S6 W$ Q3 Qstimulus would have to be weighed carefully against domestic and global economic
* J0 ]. }" }$ j2 C( S7 W- ldevelopments.
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Information note:
9 ~- t! @1 X. O1 A% f9 d' NThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 R: U4 o. K, E+ ]2 L, A" a
of the Bank's outlook for the economy and inflation, including risks to the projection, will be( Q; |- k. G$ t- V. X" ^2 n% q
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！