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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight: w1 o, ]" V4 ]1 ~
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly9 N1 u# Z4 s6 M8 J4 Z: j! d8 j
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! A1 J1 m: C* ?* C4 u7 voperating band of 50 basis points for the overnight rate.# I# Z: d; a* `* t; P; l3 H" b
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The global economic recovery is proceeding but is increasingly uneven across countries, with& A( i5 f( \/ r( x% e( X! @2 D% i8 ~
strong momentum in emerging market economies, some consolidation of the recovery in the
1 G6 l1 T, ~/ `8 GUnited States, Japan and other industrialized economies, and the possibility of renewed weakness$ W9 [+ `6 Y$ W! f1 z. Y2 V9 d" m/ O# c
in Europe. The required rebalancing of global growth has not yet materialized.# B- _" R7 T' `2 P- I: Y
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 R& ]; `% Q6 d6 Astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" z* c# {5 O8 B% X
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- G* q7 G# C4 r, W& z! z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
[' x# T3 r: o: `important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 G, p7 a2 f& J% t9 S$ T
spillover into Canada from events in Europe has been limited to a modest fall in commodity8 ~$ I* y3 Q" c7 s _& E
prices and some tightening of financial conditions.
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6 w* F1 ?; _1 oActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
' ?% M. L* M) ?in the first quarter, led by housing and consumer spending. Employment growth has resumed.: H/ i( w1 e7 }5 y3 Z& U/ H8 ~
Going forward, household spending is expected to decelerate to a pace more consistent with3 h# G, s/ r5 H6 g, e
income growth. The anticipated pickup in business investment will be important for a more
0 f' x8 Y' v* Qbalanced recovery.0 Y- O, H) H$ ~9 W8 X
9 l9 |1 p8 u; f- {2 hCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' [3 P6 u9 Y2 l( K7 Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess$ s# G4 ~! Z9 Y! Y
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" L# D" A" d# q- Y. j9 a3 o
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ a# d3 Y( a) Y, t& N- imonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 B8 f( [$ E1 Y: bsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 j8 a9 S7 ^) b" j. R. s- X+ X
: Z) H l) G& E# a) \2 Q# TGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary7 l9 W1 Z+ h# Q( r
stimulus would have to be weighed carefully against domestic and global economic
W3 K6 N6 ^3 r* @. zdevelopments.0 ~+ {# Y2 S; q: p# h. g
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Information note:
1 g; ^( B9 T: Y$ SThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ I- `3 @5 Z0 N
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
) n0 A( F) g: a1 j, ?9 e, ]& l2 epublished 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！
