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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( n4 d. w5 Z& c3 S8 ~
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# S, F' Z `. N8 q5 T* ]rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, J0 n) m9 _% x7 C/ M a
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal" s2 R3 o9 v e' X8 ^, ]2 Q d; V
operating 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
. R# v Q: U) }) f( m4 f% [strong momentum in emerging market economies, some consolidation of the recovery in the
4 {/ ^; Z G9 u7 Z3 \5 X0 V% QUnited States, Japan and other industrialized economies, and the possibility of renewed weakness8 N P/ I4 d# }! w8 U0 p
in Europe. The required rebalancing of global growth has not yet materialized.3 U& R! x) j3 Q C' I& Q* j# x
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
% B0 z) T! k. V D# D" sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the$ @5 [( a1 N2 v+ q+ L
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result9 k% _+ ^* i, ]
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an2 |: E- w. J0 y/ d. m9 b& G) Y
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the: [7 {" F- g8 o1 F1 k
spillover into Canada from events in Europe has been limited to a modest fall in commodity
! U" L2 y7 J% Iprices 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
( L% g$ m4 Z' z% L/ n4 V* N) iin the first quarter, led by housing and consumer spending. Employment growth has resumed.5 y& Z8 O2 [- {) X* O& p+ f
Going forward, household spending is expected to decelerate to a pace more consistent with: O( V: _1 I+ s/ u3 l
income growth. The anticipated pickup in business investment will be important for a more1 M w: j! m0 k/ @+ O4 o: Q
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# B. b4 g! q9 {! Q9 j9 Jthe combined influences of strong domestic demand, slowing wage growth, and overall excess
u/ O6 N" t2 z- M rsupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and3 {4 K! w& t# G7 \" R
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
* W ^: T7 _4 omonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the . w% j. z- M* { p2 f4 l, t
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* d2 R4 ~" B1 R; K" N/ P/ {1 Y
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
" K0 W7 \$ i0 o) A+ d2 _! m2 Astimulus would have to be weighed carefully against domestic and global economic
! z/ a$ \8 m, C2 `* B; G- pdevelopments.0 z# N" J: R1 n6 ]; f/ e. {
0 N& G% W! b/ p& V) r, g, y! PInformation note:
( u. E5 _* l1 YThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 H: C- \8 d; G+ S) F# }# T
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
2 { I# J" A u- d: F0 s( T& Vpublished 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！