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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+ \7 A" P7 z+ z/ q6 i% N
( v. o% n0 z0 }: [/ i. EOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
* m U* ?/ |. b$ Crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
; |, z$ B) y8 n1 j2 k! Zraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
2 w* f7 {3 {$ [- J! @( z, p) ~0 Moperating band of 50 basis points for the overnight rate.
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* u0 z8 m a( Y+ q+ m s( pThe global economic recovery is proceeding but is increasingly uneven across countries, with
e m# t/ O" {! h, f* ~1 B2 F* K0 Pstrong momentum in emerging market economies, some consolidation of the recovery in the
2 v9 h# u+ t f3 rUnited States, Japan and other industrialized economies, and the possibility of renewed weakness# |5 v& Q6 h7 d9 T' J: a5 k1 B
in Europe. The required rebalancing of global growth has not yet materialized.9 w0 i, F0 _+ `% g
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 T5 |6 ~5 R3 ^stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ W0 E+ ?% z ?% H M+ r. Bvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result* ~5 N4 b6 t, R8 q8 M
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" I% F- K. B j. Q4 q
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
6 h# M x) k8 X- `* K8 h; y* X% Vspillover into Canada from events in Europe has been limited to a modest fall in commodity
2 n+ G' K& A6 q% @6 ^prices 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" Z4 R, g2 h; m- }* ?
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
. W3 y" C" [: V( eGoing forward, household spending is expected to decelerate to a pace more consistent with+ C4 }! {, W, |8 |3 [3 F/ R
income growth. The anticipated pickup in business investment will be important for a more4 R u: Q. |. o$ t, M9 i
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# l4 J s! x) M! H* F Ethe combined influences of strong domestic demand, slowing wage growth, and overall excess G2 J2 f/ m" b* @
supply.
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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
) ^$ |: {1 a6 d2 H2 O7 Zto re-establish the normal functioning of the overnight market. This decision still leaves considerable , I, s9 v& Y9 K$ B1 {/ W
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 s5 H" v$ n0 m' ]. l
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# j/ S3 @. o1 j I
0 M' C' T" F* R5 WGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary" H' B" m1 z: y. ]7 [1 G
stimulus would have to be weighed carefully against domestic and global economic" l( H3 @. {3 w1 F$ |5 }
developments.
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y3 N1 {5 E9 ?Information note:4 l" M2 F" S. B! O+ Q/ y8 x
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
t" A- D* c3 j) Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be, }/ p$ X- o. C0 k7 h: C' _: J
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！