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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" |% c, r4 J! ~) i; _
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
" ?4 @7 z% ]% f% s( \* Y4 _rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
3 a2 S' a/ N- l. araised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( o# Z7 S, `6 M1 [- q) doperating band of 50 basis points for the overnight rate.% j' I" w) L0 e9 C3 C
& v7 R8 T5 @7 D" {1 vThe global economic recovery is proceeding but is increasingly uneven across countries, with1 c: n" G' S3 B$ ^ Y& V$ s
strong momentum in emerging market economies, some consolidation of the recovery in the
; f% o0 F( O9 r/ D+ G1 |United States, Japan and other industrialized economies, and the possibility of renewed weakness, v3 q1 l/ Q( h0 y/ T" W) H+ Y9 \
in Europe. The required rebalancing of global growth has not yet materialized.
2 J$ J3 n4 J2 ~. |3 rIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& K7 O1 d$ |6 a1 K4 _/ ^0 Istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
9 d- w2 |+ p% i$ {( c4 Lvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 g4 E2 W0 Q) y# `& u' s+ | ^( gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
7 [" C8 m; p, p, u$ Mimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 V- @2 Z' @8 X5 S ^" l* E X6 l
spillover into Canada from events in Europe has been limited to a modest fall in commodity2 X6 D" z: b7 L0 z; O5 k* D1 M
prices and some tightening of financial conditions.% O r+ `3 @8 I# s
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent! V `. W5 V1 A
in the first quarter, led by housing and consumer spending. Employment growth has resumed.6 `5 z5 }& L9 l! h2 N
Going forward, household spending is expected to decelerate to a pace more consistent with
1 y( h+ |* d5 m0 k% Lincome growth. The anticipated pickup in business investment will be important for a more
+ C9 B: q. Y j/ D2 lbalanced recovery.
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( R7 n7 R: G( o+ @8 h. RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ t1 x6 o& @" R- A- `! kthe combined influences of strong domestic demand, slowing wage growth, and overall excess% o, ]% K, e, m3 R1 B8 P
supply., }" G! B8 z2 E& v) p. T6 n! n
0 c% x! x. u8 L: \- HIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 b( c. }. S- E6 p( e' c
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 q. k- D; q* g( U1 z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : |5 N, i$ u& U% {8 ^
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.% c& z7 \8 x" r a
% ^: u+ i/ I+ ?- ~* wGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary+ K$ `3 s$ i9 t; d9 |: L
stimulus would have to be weighed carefully against domestic and global economic, ?0 g& `3 Y# d1 R8 S/ L' [
developments.
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Information note:# i/ `+ \+ N1 m, b+ {) f- n
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ C, D# s0 ]+ ]2 W7 Q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
5 ^" C& U( S {- E+ U( r5 Rpublished 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！