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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market4 | S7 C( e2 Y- ^
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ _7 P8 j- U$ g, f3 [rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
/ w2 o# _) G; C* `0 u1 ^raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal: k0 @$ d9 B- O
operating band of 50 basis points for the overnight rate./ P9 f) |) y& V% R e) G0 c
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The global economic recovery is proceeding but is increasingly uneven across countries, with
( i, ^% k: X: S0 T; x, A+ ~strong momentum in emerging market economies, some consolidation of the recovery in the; U0 e( f6 J. }) _6 b7 d) f
United States, Japan and other industrialized economies, and the possibility of renewed weakness6 p. ]3 |4 R7 k# ^$ G: x0 F" ~( L
in Europe. The required rebalancing of global growth has not yet materialized.3 H0 N l# v# ^$ w) c, C. h* t
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 b" M$ A! D# m0 r Gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the2 _0 n0 R2 C$ u$ t
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ V* {, Z, _, @6 ~$ ^9 L; t( S
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! f6 v# ]! c9 S+ Q% k# P J" |' v
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% s+ v0 Z& s: u3 r& a: ]' Yspillover into Canada from events in Europe has been limited to a modest fall in commodity, {8 U, k- q: M# e, Z3 ~) @
prices and some tightening of financial conditions.
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. G: q5 B j# B( q- L7 p5 h% hActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 l+ c) r' {* w9 g6 `# j) S0 a: P; X
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
2 B' e5 i+ |; g- G6 hGoing forward, household spending is expected to decelerate to a pace more consistent with
$ o: M. }/ |$ A! a5 K$ W% M8 @income growth. The anticipated pickup in business investment will be important for a more8 T* Z' I( F, c& E& g3 p
balanced recovery." P) q6 p- {8 s7 r) L
6 G) G( c, v1 m7 Y/ HCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! _; x/ b/ f2 g
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 L; i$ n4 n* K5 Psupply.
$ c4 H/ K8 q8 }& F" | W& f/ X1 d9 F5 T. Y' ?+ B2 I" D1 |$ e
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) T( ]0 N: a" J# W# ^to re-establish the normal functioning of the overnight market. This decision still leaves considerable & w! z' z* S4 v6 ^$ \
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% Q V3 A9 C9 M asignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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( D( E' P! X" t5 ?" hGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary5 R2 P" m. Z$ |7 _) z
stimulus would have to be weighed carefully against domestic and global economic
) V7 w0 N0 b+ z0 Q1 d- cdevelopments.1 N- G) q9 o6 T2 \
+ L. U0 p& C! \+ G pInformation note:
2 d- K! [# e5 V* iThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# {2 P' }6 ^% `: G, l: C4 `1 ]of the Bank's outlook for the economy and inflation, including risks to the projection, will be0 N- ^4 a9 I9 N8 A3 R. 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！