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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market5 c# K3 e- u" H- ?& h1 u& Z: [+ S
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
2 E! c) g0 ?& O9 o" frate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly @6 `% }8 h3 C% K7 }8 \: o
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 a" R" C2 I4 [/ t5 a3 xoperating band of 50 basis points for the overnight rate., D+ `! m# Y. b# d/ S' a
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The global economic recovery is proceeding but is increasingly uneven across countries, with
2 G4 F- B/ C) u% s9 {* a6 o9 wstrong momentum in emerging market economies, some consolidation of the recovery in the6 P8 H8 q9 V! ]6 w0 }
United States, Japan and other industrialized economies, and the possibility of renewed weakness% f$ u* Q3 @* U
in Europe. The required rebalancing of global growth has not yet materialized.
3 o2 n# B8 x. s9 L* C# \+ t, RIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
$ k# T7 ]) H( f0 Rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 x* M8 R7 @* v( a8 Lvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 `5 E' b/ C8 A- z" m U8 l" X. ?in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
) c8 {0 A& r( M0 G6 L3 e4 q% b" Yimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
6 y, u: o$ `' ], M9 ?% yspillover into Canada from events in Europe has been limited to a modest fall in commodity# I7 D3 j: V# v _- S, S
prices and some tightening of financial conditions.
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7 s. G/ j" |- fActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent- I, D/ a2 f) ?, a& O" ~
in the first quarter, led by housing and consumer spending. Employment growth has resumed.- B) y! R3 b8 B" b
Going forward, household spending is expected to decelerate to a pace more consistent with( l" l; f4 ~7 ] P: e' X
income growth. The anticipated pickup in business investment will be important for a more# g9 k" m8 f& P, K, `
balanced recovery.( k) @" |* c% ?# p1 |7 r. V
, P* J! h+ O+ q I. n) \! V" M, `CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ _2 o6 F1 Q' F" ^the combined influences of strong domestic demand, slowing wage growth, and overall excess
& k M2 }* ?( w+ u3 Bsupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and+ \- N- m( C& C. v
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 J8 A5 V- G/ L; |! Q7 k5 H
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
- n$ A ~5 x/ x6 |+ osignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 @% `& Y0 }% K2 fstimulus would have to be weighed carefully against domestic and global economic
$ S7 h3 G0 Q- Ndevelopments.
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5 n& T' _1 E. u" C) tInformation note:( G4 V5 ~: n( m Q( |/ j( [
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, f8 P- X1 v7 a. L7 Y, J; vof the Bank's outlook for the economy and inflation, including risks to the projection, will be# T5 h5 }. H9 h
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！